Above Tab and below Escape
On the number pad
Above Enter and below Backspace
Above the arrow keys
 
Correct Answer: Above Tab and below Escape

Now let's learn something…

The location of the grave/tilde typically changes with the computer's language settings, but with US/UK QWERTY keyboards it's usually above tab, below escape and before 1.

Its usage spans many contexts and purposes across languages and computing, but perhaps most relevant to the average PC enthusiast is the key's ability to open a command prompt console in many computer games (you often have to enable it in the settings), allowing you to input text for cheats and other controls not immediately available in the game's graphical interface.

If your US/European Windows system doesn't have a grave/tilde key, you can create a single grave symbol with Alt+96 and tilde with Alt+126.