For an illustrator assignment, my teacher wants us to apply panel margins. She also wants all the text to belinked to style sheets.
I have no idea what these are or how to apply them. Thanks.
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.