Well I'm no top gun but I'd say your wiring from the regulator to the alternator is correct. A couple of thoughts:
Are you testing the alternator output at the B terminal on the alternator with a voltmeter? If you're testing the voltage across the battery terminals you may not get alternator output voltage just battery voltage and as Gus says, your battery may be defective;
The number 4 terminal of the regulator turns the system off and on via the ignition switch through the idiot light. Number 3 terminal is voltage sensing terminal, it senses the voltage in the system via the main buss junction (sometimes right from the alternator B terminal) If the voltage at the sensing terminal #3 is below 14 volts the regulator powers up the number F terminal and the field voltage is increased increasing the magnetic field and thus output. You could full-field the alternator by temporarily (very temporary)jumping a wire from battery voltage to the F terminal on the alternator and test for high output;
Perhaps the alternator is putting out 14 volts and your voltmeter is defective;
The resistor in the circuit is parallel with the idiot light, sometimes it runs all the way to the regulator number 4 with the idiot light wire, and sometimes it junctions the turn on wire downstream from the idiot light;
Some voltage regulators have a ground wire which grounds at the mounting bolt;
At what voltage did the alternator test to at the parts store?

Of course these are just my thoughts and I could be wrong, I'm not an expert.

Oh yeah, the idiot light comes on when there is a voltage differential it can come on when the voltage at A side of the light is higher than the voltage B side, it can also come on when the A voltage is lower than B