In the first round, contestants faced a gameboard with five categories, each with five questions in negative dollar values ranging from −$50 to −$250, in increments of $50. The first selection went to the contestant who had the lowest debt before averaging the scores. The contestant in control chose a category and value, and Martindale asked "Who am I?" toss-up question. (Example: "I'm the name of the fictitious, mustachioed 'ranking officer' who hawks the Quaker Oats cereal Peanut Butter Crunch.") Contestants buzzed-in to answer and were required to phrase their response as "You are..." to receive credit (although the contraction "You're" also was accepted). (The correct answer to the example is "You are Cap'n Crunch.") A correct answer deducted the question's value from the contestant's debt. A wrong answer or failing to respond within the time frame added the value, increasing the contestant's debt, and allowed the others to buzz-in. The contestant who answered correctly then chose the next question from the board. If no one did so, the contestant who gave the last correct answer kept control.