I really try to have craft projects that have a residual value. Something that the kids can create and continue to play with or enjoy once it's dry. Finger puppets have become a favorite for all my crafty kids. This is a project that is easy for the youngest of crafters and imaginative for the oldest.
I buy fleece gloves from the $1 store and cut the fingers off to create the base for the puppets. You can theme them for holidays or just use up some of your random collage items you might have available. Use tacky glue for the best results and quickest dry time.