Many people I personally know have had their Facebook accounts hacked due to participating in them. Worse things could also happen.
Facebook games and quizzes often ask for extreme permissions, like access to your account and friends list, and ability to post on your behalf.
If a game or quiz has malicious intent, they can start spamming all your friends and they'll think it's coming from you. Other more criminal intentions can also be involved.
http://technology.inquirer.net/59686/hackers-using-fb-quizzes-harvest-personal-data-report
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