I just went to an online slang dictionary and looked at several definitions of "book smart." My favorites were:

• A common characterization used by people who are uneducated to describe and feel superior to people who are, themselves, actually educated. "Well, sure he's all book smart, but can he change an oil filter?"
  
  
• A term used by D-students to rationalize their academic failings. "I might be a sociology major with a 1.5 GPA, but that just means I'm not BOOK smart!"

As for common sense, it is not inborn. It comes from experience. And experience comes from making mistakes. Therefore, lecturing a child for not having common sense is useless, nonproductive, unhelpful, and downright abusive.