No. 4: Allegro scherzando, F minor, 3/8 time

It adopts an extended ternary form. The “scherzando” indicated in the tempo marking is expressed by a Hungarian-style hemiola, which treats two measures of 3/8 time as one measure of 3/4 time.

Interspersed within the light F minor main section of the ternary form is, first, a smooth, scalic A-flat major musical idea from measure 87. This is followed from measure 131 by a dance-like A-flat minor musical idea, and these ideas appear alternately twice each. In between, Schubert's trademark enharmonic reinterpretation is employed, modulating to A major (which takes sharps in its key signature) and C major. The main section returns at measure 336, and from measure 420, it becomes a coda that develops using the characteristic hemiola rhythmic figure of this piece, concluding in a climax.

In this analysis, considering the dance-movement-like character of “scherzando,” the piece has been largely treated as a ternary form; however, given that the main section itself is also in ternary form and that the opening theme appears repeatedly, it can also be interpreted as a rondo form.