I’m a big fan of using clozes (also known as “gap-fills” and “fill-in-the-blanks”) in the classroom — both ones used by teachers for assessment and instruction, and also student-created ones. I talk a bit more about this in The Best Tools For Creating Clozes (Gap-Fills).
One simple way to make clozes that you print out is just to copy and paste text in a Word document and strategically delete the words you want people to fill-in.
David Deubelbeiss has discovered a tool that makes it even easier. The Cloze Creator was developed by Zander Martineau, and works great.
David has written a blog post and created a screencast showing how it works, which I’ve embedded below. David explains it in the context of using English Central video transcripts (which are excellent), but the same instructions hold true for any piece of text.