This is the 'Mark Goodson-Bill Todman Productions [us]', Mark Goodson's first since the death of production partner Bill Todman in 1979.
Perhaps the first inklings of the format appeared on a 1967 episode of an earlier 'Mark Goodson-Bill Todman Productions [us]' series I've Got a Secret (1952), on which guest Woody Allen read children's definitions of words for the panel to guess. Child's Play host Bill Cullen happened to be a member of that series' panel.
This show debuted on CBS on September 20, 1982 at 10:30 AM Eastern/9:30 AM Central immediately following The $25,000 Pyramid, which debuted on the same day.
The show was never able to make ratings headway against either Wheel of Fortune (1975) or Sale of the Century (1983), two hit game shows that NBC aired opposite it. CBS ended this series on September 16, 1983 and replaced it with Press Your Luck (1983).