This can be used as a small group activity to use the syllables provided to "build" the words in the image. Magnetic letters may be substituted for the cut out syllables.
The activity may also be placed in a workstation with a small pocket chart (found in the $1 section at Target seasonally). Students practice building the words for the images using the syllables.
The activity could also be kept in a baggie in the table baskets for each table to use as an after they are finished with independent practice or warm up activity.
Can differentiate by making it a sorting activity (sort the images by initial sounds) for the most support, including the "word bank" for building the words for more support, or just providing the images and syllables for the least support (students would have been introduced to what the images mean already).