Now before you get too incredulous at the outcome here...by a show of hands how many of us have read some set of directions quickly (and only once), thought "I got it", and jumped into something only to realize we didn't remember right or we skimmed too much. Yeah, I see a lot of hands. It happens to the best of us. It's one of those situations where we just laugh, look up what we were supposed to do, jump back on that horse and try again.
P.S...only minutes after posting this, it has been mentioned by Facebook, email, and comments to just put your pan down, trace the circle, and cut it out. Many people find this easier and faster. For many it will be easier and faster, but if you're like me tracing and cutting a circle is a painful experience. It takes me forever to cut out the circle, so this fold and one cut method will actually be faster for me than to trace and cut. Some even skip the cutting all the way around and use coffee filters. I just don't ever have coffee filters in the house and have so many different sizes of pans that it just wouldn't really be the best choice for me. Whichever way works for you, use it. It doesn't really matter what method you choose.