wstone, physical installation will not damage the card. As long as the 480 VAC isn't wired up, everything will be OK. If you tie into 480 Volt power, though, you will likely become aquainted with the unique smell of burning silicon!
This is an incredibly silly question, for a variety of reasons, and exhibits little or no understanding on the part of your instructor.
1) PLC slots are not designed for specific voltages, or specific functions. The slots in a PLC rack are specifically designed to allow interchange of a variety of modules for a variety of functions and ratings.
2) Backplanes are used to transmit logic level voltage, power for the I/O card (logic side only, usually not the field side power) and data between the CPU and the I/O cards. This is usually 5 VDC, with occasionally 24 VDC or ±15 VDC. I can't imagine the havoc 480 VAC would create on the data communcations if it was run on the backplane parallel to the logic signals!
3) I don't recall seeing higher than 240 VAC rated I/O cards. I suppose you could use relay output cards with contacts rated for 600 VAC, but this would be very bad practice. Normal practice in both the US and Europe is to use low voltage (24 VDC or 120 VAC is most comon) for control, and use separate relays or contacors to switch the higher power loads. Typically, 480 VAC is only used for motor or lighting power, and at amperage high enough you wouldn't want it on a PLC.
4) The heat generated by an electrical device is directly poroportional to the power loss and the current through it. If you exceed the voltage rating on a device, the current and heat dissipation go up as the square of the voltage. If you put 480 V on any load rated for 120 V the heat will be 16 times the heat at rated load. See why the smoke gets out?
5) If you have a higher voltage on a device than rated, you have the chance of shorting through the insulation and arcing to ground or other components. This is a very bad thing!
6) Virtually all PLC I/O cards isolate field voltage from the backplane - if you find one that doesn't don't buy it!