Wally and his friends are trying to earn enough money to buy baseball uniforms. They put a plan into action by doing their chores at a slow pace in order to maximize their hourly pay. Meanwhile, Beaver, also wanting to be on the team, begins selling water to his family and neighbors.

Beaver has a crush on his teacher, Miss Canfield. When Judy, Whitey and Larry tease him for being a 'teacher's pet,' Beaver tries to prove them wrong and places a spring snake in her desk. However, Beaver has second thoughts and becomes determined to remove the snake before she finds it.

When June goes on a trip to visit her sister, Peggy, June's Aunt Martha steps in and stays with Ward and the boys. Ward and the boys do their best not to hurt Martha's feelings, but Beaver has the hardest time when she buys him a suit, knee socks, a cap, and short pants and makes him wear the outfit to school.

Wally and Beaver want to win a fancy film projector. In order to get it they have to sell 24 bottles of perfume. However, the appalling aroma of the perfume quickly leads to zero sales and has Ward trying to think up a sales gimmick.

After taking an IQ test, Beaver scores the highest in his class and Mrs. Rayburn suggests that it would be best if Beaver went to a special school where his abilities can be challenged. However, little does anyone know that everything is not as it seems.

Beaver is invited to Linda Dennison's birthday party and quickly discovers that he is the only boy that she invited. Fearing for his reputation, Beaver tries his best to get out of attending, but June and Ward are insistent, not aware of the situation Beaver's in.

After Ward's bragging about Wally and Beaver being responsible, Herb and Janet Wilson assume that it would be all right to leave their 4-year old daughter in Wally and Beaver's care while they go out to a party with Ward and June. Trouble begins when the youngster locks herself in the bathroom.