How is this competition put together?

Part 1: The Entrance Exam:

The initial set of participants will take part in an innovative multiple choice and free response entrance exam. The top 10 children will advance to the second part of the competition, the speed round. Spectators are no permitted.

Part 2: The Speed Round:

During this part of the competition, the top 10 kids from the entrance exam will answer questions in a fun Jeopardy style format. The remaining roster of participants and spectators may witness this friendly challenge.