Unknown movie

I watched a movie when i was about 5 so it would have to be made before 1991. The beginning starts with a party at a huge mansion. The son of the family throwing the party is going around popping balloons behind people to scare them. When he comes to his best friend she turns just as he is popping the balloon which pops in her face and a piece gets stuck in her throat and she ends up choking to death. So the kid ends up going crazy after the funeral and kills his whole family and house staff. At the end he invites his teacher to dinner and as they sit down to eat she asks where his family is. He tells her her really appreciates everything she taught him but she forgot one thing. When she asks what he tells her “how to kill” and then proceeds to kill her and the movie ends.
I’ve been trying to figure out what it’s called for years.

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