I bet that "class clown" guy in the middle got in trouble for shaking that Halloween noisemaker in the teacher's ear. See the teacher? She's the one in the middle cowering away from him. I bet she threw that noisemaker in her drawer of confiscated illegal items brought to school by students. Kind of like the teacher in A Christmas Story.
I have no clue where this photo was taken or when, but it looks to be the 1950's to me.