The gemara in Bava Basra 12b states that from the day the Temple was destroyed, prophecy was taken from the prophets and given to children (and imbeciles).
There are instances in shas where a person wanted to ascertain certain information and asked a child "Tell me a pasuk of what you're learning" (Gittin 56a, Chagigah 15a, Chullin 95b) as this is considered a minor form of a prophecy.
(see Maharsha's to Brachos 56b where he explicitly states "שאמרו לינוקא פסוק לי פסוקיך כו' שהיה בעיניהם כנבואה קטנה" )
1) What's the nature of this- why specifically is hearing what Torah verse a young child is learning the method selected for prophecy? (instead of asking a Rabbi etc)
2) Is this still practiced/ can people actually do this today? (ie someone who has a big business decision should ask a 2nd grader what they're learning and proceed accordingly)