I bought the cute toothpick flags on impulse.
The kanji and the word are exactly the same. That means they share meanings as well.
Since this word is made up of a single kanji, it probably uses the kun'yomi reading. You did not learn this reading, so here's a mnemonic to help you:
The one with the flag is the Mad Hatter (はた). Just imagine looking through a group of people. You have to find the Mad Hatter, and he has to find you. That's why he offered to wear a flag on his hat.