Wally and Beaver dread attending dance school, so when suddenly Wally takes a liking in it, June and Ward are dumbfounded. It seems Wally has developed a crush on a girl named Penny and Beaver soon feels neglected and left out when Wally begins spending all his time with her.

An upcoming test in history, Wally's weakest subject, has Wally studying all weekend and has Larry and Eddie coming up with a plan that will give them good grades on the test.

Eddie nominates Wally for class president and Wally has no interest in the position, that is until Ward gives him some encouragement. Wally quickly gets wrapped up in the election and his friends see a change in him, a change that prompts them to vote against him.

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.

Eddie crawls through the Cleaver house spreading the news that he's going steady with Caroline Schuster, something that worries June who doesn't want Wally to get any ideas about going steady. However, Wally has other worries when he overhears Caroline saying that she's only using Eddie while her boyfriend is grounded. Leaving Wally with the decision to tell Eddie or not.