The first National Challenge was held in May 2008 and attracted 46,000 students. Due to a positive response from teachers, parents, and students, over 75,000 students participated in the voluntary exam this round.
Students who scored in the top 25th percentile received certificates of recognition and 362 students earned the National Financial Literacy Award medal for demonstrating exceptional levels of financial literacy with perfect or near-perfect scores.
In addition to the certificates and medals, each student who obtained a perfect score received a college scholarship from the Charles Schwab Foundation, with an additional financial contribution going to each winning student's school.
The Challenge's 35 questions are correlated to the National Standards in K-12 Personal Finance Education published by the Jump$tart Coalition for Personal Finance in 2007.
