Taking your piece of paper, bring the corners together by bending the paper until the corners meet. Try not to crease the paper.
Cut from the corner to the crease at about a 45 degree angle.
Now you have the perfect pennant.
Now to make a tag/badge, you would make the opposite cut. Again take your paper, bring the corners together without making a crease.
Cut from the paper edges to the crease at a 45 degree angle.
Now you have a tag/badge.
The February layout featuring the Buzz and Bumble paper pack uses these techiques. If you are interested in a kit, contact me and I will be happy to assist you.
Please leave me a comment to let me know if this was helpful.