Ballons

Five Balloons is a card game for 2-4 players aged 3 and over. Players are dealt cards with colored balloons on them, certain of these are caused to pop by event cards that are drawn from a face-down deck. Each event card affects a specific color of balloon. The goal of the game is to be the last one with one or more balloons intact.

There is no reading required for the game, and because there is no strategy to gameplay, a preschooler has just as much chance of winning as an adult.

From the publisher:
It's never nice to lose something you like. But every parent knows how important it is for kids to learn to cope with such situations.
In this game, each child has five balloons, one or the other of which will burst or get lost every now and then. But don't worry: some cards have dear Mom on them, who can usually help.