After drawing Alma's name for a school picnic, Wally finds himself meeting her parents and her mother takes an immediate like to Wally and begins setting him and Alma up on numerous dates then turns around and accuses Wally of monopolizing Alma's time.

Beaver asks his parents if he could ride his new bike to school instead of ride the bus, and after some hesitating they finally agree to it. However, on the first day, a naive Beaver gets his bike stolen.

Wanting Ward to become a millionaire, Beaver buys him a book called, ""I Became a Millionaire in Twelve Months."" Ward thanks him for it but Beaver quickly learns that Ward is just being polite as to spare his feelings.

A close friend of June's moves into the neighborhood and June arranges to have Wally show the new kid, Dudley, around school. However, everyone thinks Dudley is a creep and Eddie and Lumpy plan to make a fool of Dudley at a party.

Beaver making trades with his classmates is beginning to get on Ward and June's nerves since he seems to be the one who always walks away shorthanded. June especially thinks Beaver got the short stick in his latest trade, when he comes home with a pet rat.

Beaver has told his parents that he doesn't want anything big for his birthday and they decide to respect his wishes and give him a gift of money. Beaver also gets quite a bit of money from other relatives and finds himself debating on whether or not to spend it or put in the bank, like his parents suggest.

Beaver wants a new pair of expensive ice skates and asks Ward to borrow $13.00. Wanting to pick them out himself, he goes to the store and is conned by a salesman who sells him skates that her 3 sizes too big.

Wally plans on going to a big dance with Evelyn Boothby and they plan on getting there cramped with six other people in Lumpy's car. When June and Ward refuse to allow that, Wally and Evelyn must find another way to get there. However, what Evelyn has in mind doesn't go over well with Wally.

June runs across Beaver's old electric trains while cleaning and since he hasn't played with them in years, finds someone who will take them, with Beaver's consent. However, Beaver quickly re-discovers the fun he has with his old trains and wants to withdraw from the arrangement, even though, the new owners-to-be are expecting them.

Beaver has Gilbert over to spend the night but after they watch a gangster movie things get out of hand. A suspicious car has just pulled up to the front of the house with two strange characters sitting inside, and they just happen to be Lumpy and Bill, dressed for a masquerade party. Not knowing this, Beaver calls the police and Lumpy and Bill are arrested.

A communication gap ensues when Wally wants to spend the night at Lumpy's and Beaver wants to have Gilbert spend the night. Beaver asks June and she tells him, he can sometime when Wally spends the night somewhere and Wally asks Ward, who tells him he can sometime when Beaver has someone spend the night.

Wally finds himself smack dab in the middle of a lover's quarrel when a woman tries to make her estranged boyfriend jealous by continually making tennis dates with Wally. Wally finds himself in an awkward position when the boyfriend threatens him.

Wally and Eddie get jobs at the Mayfield Dairy thanks to Ward pulling some strings. They soon unknowingly find themselves involved in a plot started by the foreman and his assistant who are secretly stealing the merchandise. When Ward learns of the plot, he warns Wally who in turn tries to warn Eddie, but Eddie doesn't buy it.

The news that Eddie has moved out of his parent's house and into an apartment of his own has June worried that Wally may be contemplating something similar. However, Wally gets a picture of just how ""happy"" Eddie is being on his own and it makes him think twice.

June and Ward go away for the weekend and Wally asks to borrow Ward's new car to go to a dance. Although hesitant, Ward finally gives in and lets him take it. However, after the dance, Lumpy runs into some car trouble which results in Wally smashing the headlight on the car. Wally is now faced with having it repaired and paying for it himself and trying to find a way to break it gently to Ward.

Wally's on-again off-again girlfriend, Julie Foster seems to have thrown him over for a new guy in school who just happens to have a mustache. Wally's ego is bruised when Eddie tells him that Julie thinks he's naive and immature. This is the last straw and Wally decides to grow a mustache, much to the dismay of his family.

Beaver and Gilbert go to a carnival and Beaver surprisingly wins a fourteen caret gold locket in one of the carnival games. Beaver thinks about giving it to June but thanks to Gilbert, Beaver decides to give it to a girl whom he has a crush on. However, soon it becomes apparant that this was a mistake when the girl's parents discover Beaver's gift.

June and Ward are excited when they learn that Aunt Martha has made arrangements to send Beaver to a prep school in New England. However, Beaver quickly realizes he will miss his friends as they are all entering Mayfield High School next year. This puts Beaver in a delicate position, how to tell Aunt Martha he doesn't want to go without hurting her feelings.

Beaver has been assigned to write a book report on The Three Musketeers. However he's waited right down to the wire to get reading and quickly realizes that he'll never get finished. He decides to watch the movie that's going to be on TV and write his book report based on the movie.

A school dance has Beaver with a major dilemma: he has two girls who ask him to go with them. However, he has a little problem, he accepted the first invitation but now wants out of it when he's asked by the second girl. This leads him to take some of Eddie's poor advice.

It's come down to the final week before junior high school graduation and Beaver is having a ball and even skips a class with Gilbert. However, Beaver becomes convinced he won't graduate after Gilbert and him take a peek at the diplomas on Mrs. Rayburn's desk and find Beaver's diploma to be missing.

Beaver has the chance to travel around the country for six weeks during the summer and he's all excited about it. However, he quickly realizes when he's gone Gilbert will go after the girl Beaver has a crush on, Mary Margaret. Fortunately, he quickly realizes there's more to life than Mary Margaret.

While cleaning, June runs across an old family scrapbook and gathers the family together to reminisce about the past six years. The Cleavers recall scenes from previous episodes including: Beaver Gets 'Spelled, New Neighbors, My Brother's Girl, The Shave, Beaver Runs Away, Larry Hides Out, Teacher Comes to Dinner, and Wally's Election.