The first and perhaps most important thing to do is NOT turn around. Generally speaking you won't have the airspeed/altitude to make a full 180 and return to the field. While it can be done, it's advised to continue forward and put the plane down as you would in any emergency. Trim for best glide and pick a landing spot (limited options in this case).
In some cases with small plane/long runway situations you will be able to execute something like a short field landing with the remaining runway but that is very situationally dependent. When I flew out of KPNE in a Warrior 24 was 7000ft; if you lost an engine at rotation you had plenty of runway. At DYL where I fly now that's not really the case. Every airport is different but a good deal of the airports I have flown out of recently have had long fields at either end of the runway giving maybe an extra 1000 ft or so. Airports in populated areas may have roads you can touch down on.
You should always consult the POH of the specific aircraft in this case for proper emergency procedures.
Specifically to the 152 point, the take off distance is around 1400 ft. full loaded if memory serves. Unless you are training on 2000 ft strips you should have no problem getting the plane back down with remaining runway at all but the shortest of fields. If you are only 10ft up you should be able to put the plane down fast, albeit a bit hard, but fast none the less. For what it's worth Cessna landing gear can take quite a beating. Once you have touched down it would be advised to retract your flaps, this will increase the load on the gear (by reducing your wings' effectiveness) and increase brake effectiveness. You should take care to not lock the brakes as well.
Side Story: This happened to a buddy of mine in his Archer a bunch of years back (I'll try to find the incident report). The plane was fresh out of annual and something was not hooked up correctly and shook loose on take off causing the engine to cut out around 100ft or so. There was a corn field dead ahead and he was able to put the plane down smoothly. Thankfully no one was hurt and he simply owed the farmer for the corn he took out on landing….