Understanding function referencing in javascript

I have been learning JavaScript for sometime now via the HeadFirst JavaScript book.

On page 440 of the book, the below code is called. I have provided everything on this page here.

var winner = function() { console.log("WINNER!") };
var loser = function() { console.log("LOSER!") };
// let's test as a warm up
winner();
// let's assign to other variables for practice
var a = winner;
var b = loser;
var c = loser;
a();
b();
// now let's try your luck with a shell game
c = a;                    //[1]
console.log("c is: " + c);// winner
a = b;                    //[2]
console.log("a is: " + a);// loser
b = c;                    //[3]
console.log("b is: " + b);// loser
c = a;                    //[4]
console.log("c is: " + c);// winner
a = c;                    //[5]
console.log("a is: " + a);// loser
a = b;                    //[6]
console.log("a is: " + a);// loser
b = c;                    //[7]
console.log("b is: " + b);// loser
a(); 

My issue is, I know that the = operator assigns, so my expected answers are those commented out with //. I am confused with some of the results since they overide my previous knowledge of the = operator function.

For example c=a in [1] should bring 'WINNER' because in my understanding the c variable has been assigned to a variable which is 'winner' and thus the end result should be 'WINNER'. This understanding worked [2] which resulted in 'LOSER' but from then on it was all south. Take [4] for example, I thought c=a would return 'WINNER' but it instead returned 'LOSER'. I though c variable being assigned to a would turn to 'winner' since the latter is a = winner but instead returned LOSER. I am kind of confused what's happening here. See the results below, the words after '//' were my expected answers but this is what the console returned.

WINNER!
WINNER!
LOSER!
--------from here ----------------
c is: function() { console.log("WINNER!") }
a is: function() { console.log("LOSER!") }
b is: function() { console.log("WINNER!") }
c is: function() { console.log("LOSER!") }
a is: function() { console.log("LOSER!") }
a is: function() { console.log("WINNER!") }
b is: function() { console.log("LOSER!") }
WINNER!

I would appreciate if you would explain to me the logic behind the answers from [3] downwards.

It may be easier to keep track of the values using a table:

So, in the end a() prints WINNER!

As for the differences with your expectations:

Take [3] as an example. As noted after // in your post, you expected b to become loser, but here it actually becomes winner.
That's because b = c uses the value of c at that moment. Note that c was previously re-assigned in to winner in [1], and at that moment it's still winner. <br>So, after [3], b also refers to winner.

The other results can be explained in a similar way.

I think thanks to @programandoconro and @qrsngky, I should go with what a variable, in this case a, b, or c was last assigned (think of reassignment). For example, if c became winner in step [1], it retains the value WINNER! all through out until it turns to loser when it is assigned to a in step [4] where it turns to loser. I guess I should have in mind that the code is being read from top to bottom, and any changes conducted along the way remain so and affect other variables occuring below it.

I did a rerun of the same exercise and this time, without looking, I guessed the answers as depicted by the comment ///. From the answers, turns out like I sort of got the concept (hopefully).

// now let's try your luck with a shell game
c = a; 
console.log("c is: " + c); /// c is winner
a = b; 
console.log("a is: " + a); /// a is loser
b = c; 
console.log("b is: " + b); /// b is winner
c = a; 
console.log("c is: " + c); /// c is loser
a = c; 
console.log("a is: " + a); /// a is loser
a = b; 
console.log("a is: " + a); /// a is winner
b = c; 
console.log("b is: " + b); /// b is loser
a();    /// WINNER!

Here were my answers. It seems they corroborated well with my above comments.

c is: function() { console.log("WINNER!") }
a is: function() { console.log("LOSER!") }
b is: function() { console.log("WINNER!") }
c is: function() { console.log("LOSER!") }
a is: function() { console.log("LOSER!") }
a is: function() { console.log("WINNER!") }
b is: function() { console.log("LOSER!") }
WINNER!