Wish to lock out child account from control panel and other areas, how does one do this? child is on a standard account

You can use group policy settings to prevent access and changes. You must have Professional, Ultimate or the Enterprise version installed. You can also use Parental Controls and block access to %SystemRoot%\system32\control.exe as a program block From the Admin account click Start\Control Panel\User Accounts and Family Safety and setup parental controls and browse to the above link to add to programs block. Don't forget the password.