There is no feature in Illustrator called "panel margins." I would guess this merely to be a reference to setting Guides to indicate margins between the folds (panels) of a folded document design and abiding by those guides as you set text.
"Style sheets" is also not a formal Illustrator feature name. Your teacher is saying to define and use Paragraph Styles and/or Character Styles to control your text formatting. See online Help and read about how to use those features.
JET
![[scott w]](/people/%5Bscott%20w%5D/avatar/30.png?a=5184){kind=small}
