I guess. But even if shot at as a full target, if the only scoring shots are from below the horizon how would that matter?
I guess it's supposed to be just 5 shots. And only supposed to be 1/2 the bull showing when you shoot. As Dennis originally posted it, anyway.
If a guy wanted to cheat with the "cut the target" setup, seems he could shoot as many shots as he wanted at a full sheet with a full bull (since it's easier to see), then when he had 5 in the lower half, he would stop and cut the target.
If, on the other hand, he had to fold the target paper, then the paper itself would verify that he only shot 5 times (or it would verify that he only hit the paper 5 times, anyway).
Anyway, just a suggestion.