I've made many penant flags/garlands/bunting before, and I love how you can always customize it to fit your needs. For this particular one, I used a variety of different colors and patterns to complement the main coral color of the bridal shower.
Step 1: First, you'll need to determine how large each penant will be. I was trying to maximize the number of penants I could get out of an 8.5x11 sheet, so I played around a bit and I think I got 4 or 5 onto a page.
Step 2: Next, you'll need to find a way to attach your penant to your ribbon. There are several different ways to do this. In the past, I've used a ribbon punch to punch out holes and then I strung the ribbon through. I've also folded the edge of the penant over the ribbon before and used a piece of double-sided tape to keep it in place. This time, I decided it'd be easiest to use a glue runner to keep the penants in place. The width of the adhesive was exactly the same width as my ribbon, so that was super convenient. So I just rolled the glue runner over the ribbon lightly.
Step 3: Next, I carefully placed each penant right side down onto the ribbon. Remember to press firmly to attach.
I left just a small space on the top so the paper wouldn't peek through the top. Here's a close-up
And here's the front of the penant flag. To store it, simply roll around a round object and tape in place. I happened to have this giant spool of ribbon on hand, so I just wrapped it around that.