I used to see numbers of guitars made in this (cheapo) fashion , primarily for sale to tourists while in Mexico , and could be picked up for around $8 , if one had good bargaining skills ... handmade , though .
The tuning pegs are indeed what a person might expect to find on an instrument such as a uke' , not on any guitar !
Your little item is not much use as a real instrument (sorry 'bout that) , but is an o.k. item for a prop , or to be tuned to a chord that 'sounds alright' & given to a child to bang away on (I've been a guitarist for better than 5 decades) , sugarcube5419 !
Often these items are constructed from plywood , cedar &/or whatever is laying around & then 'colorized' &/or 'wood-grained' & given a clear coat or two of varnish or shellac .
Some are even strung with fishing-line monofilament .
The 'sticker' around the soundhole is normally an inlayed wood/plastic/etc. pattern , even in cheap guitars (if that's any clue to you) .
