Beaver's teacher, Miss Canfield, sends a note home with Beaver and the other kids convince him that it's news that he's getting kicked out of school. Beaver and Wally take steps to hide the note from Ward and June.

Beaver comes home with a black eye and Ward is upset when he learns that Beaver didn't fight back. This leads Ward to teach Beaver how to defend himself. Little does Ward know that the person who punched Beaver is a girl, Violet Rutherford, the daughter of one of Ward's co-workers.

June has had it with Wally and Beaver's fighting and demands they make a pact to be nice to one another and do things together. However, when each boy gets an invitation for individual social outings, they each attempt to break the pact.

Wally goes away on a trip with the Boy Scout troop that he belongs to, leaving a lonesome Beaver behind. Finding his friends to be busy, Beaver takes up other means to make the time go by.

Wanting to be liked by Wally's friends, Beaver makes up a wild story about the vacant lot next to his house being an Indian battle ground. After making a bet with Eddie, Beaver has Wally help him plant artifacts in the lot. However, that is forgotten when the kids make a discovery that they believe will make them rich.

An animal is chewing up June's flower bed, so Ward and the boys set a trap to catch it. They soon catch a white rabbit whom Beaver talks Ward and June into keeping. Beaver names him Henry only to later discover Henry is really a Henrietta and she's expecting.

Beaver and Wally get jobs at the circus cleaning the animals and a promise to each be payed $10.00 at the end of the week. However, when the end of the week comes and there is no payment in sight, Beaver and Wally instead become the proud owners of a horse named Nicholas, and they hide him in the garage.

While cleaning in the garage, Beaver and Wally come across an old typewriter. Beaver decides to fix it up and begin his own newspaper with Larry. However, Wally stands in his way by claiming the typewriter is his property.

Constantly entering contests, Beaver's latest one has him selling raffle tickets in hopes of winning one of the prizes. Surprisingly, he does indeed win third prize and the prize is a $3,500 sports car. However, his dreams are dashed when Eddie's premonition comes true, Ward breaks the news that Beaver can't keep the car.

After learning that he's going to be taking an I.Q. test, Beaver hits the books, scared after his friend tell him that if he doesn't pass, he will be sent to ""dumb"" school.

When Beaver becomes sick, the doctor thinks Beaver may need to have his tonsils taken out. Ward quickly puts Beaver's fears to rest by telling him everyone will bring him presents when they visit him in the hospital. This leads Beaver to tell everyone that he's going to have surgery but then finds out he may not need the operation after all.

Beaver decides to run for Junior Fire Chief and, to his surprise, wins. However, as soon as he's elected, Beaver lets the responsibilities go to his head and begins issuing citations to not only his family but his neighbors as well.

Beaver becomes convinced that he's ugly and unwanted after constantly being reminded how cute he used to be and from being yelled at from his parents at how messy he currently is.

Wally is rounding up some guys to go to an amusement park and he's one short from getting a discount so he settles on Beaver. However, Beaver begins having second thoughts when he hears stories about one of the rollercoasters.