I used this for trivia game at my son's Super Mario birthday party, but it can be adapted in all sorts of ways. Red, green and yellow for a car/racing party or wrap different colored ones inones in cellophane for a candy party.
All you need are some colored plates, party favors, fishing line/twine and a glue gun.
I sandwiched some small prized between two plastic plates. I couldn't find paper plates that were colored on the bottom side. You could also just cut out large circles out of paper.
Use hot glue or the glue of your choice to attach a piece of twine or fishing line to one plate and then attach the second plate. One the glue has dried, hang as you like. I hung mine from dowels and then hung the dowels.
Each child got to answer a trivia question and then could cut down the plate of their choice. I made to sure have at least one more than the number of guests so that everyone had a choice when it was their turn.