Will this pc work well for gaming and schoolwork?

This link: "pcpartpicker.com/list/" always shows what you saved yourself. If I load this site, I will see what my current configuration is. You must copy the link right of text "Permalink: " or "Markup: ". Then we can see the configuration you are talking about. Also, can you specify what you want play? Did you ever play on pc before? Is 60 Hz/FPS enough to you and would you mind to lower graphics settings to like of PS4? What is your budget and do you have hardware like monitor and keyboard/mouse or a Windows license?

Ok, ThePCPicker24, I looked at your build and here are some notes. First, you choose K version of CPU. This is one you can overclock if you want, but then you need a motherboard with a Z in name, like Z170 instead of B150 (B are the most cheap). If you dont want overclock, then just get cheaper version and you don't need a special cpu cooler in that case. The standard cooler with your cpu is enough. Also case fans are not necessary, as your case does have some. All these extra stuff is just needed, if you really want replace loud parts or want overclock.

Second, I can recommend you to buy a SSD drive, which will dramatically improve installing and loading time of Windows, Apps and Games. Its one of the best things you can buy for a pc. 250 GB is not big, but plenty for Windows, Apps and some big games.

The GTX 1070 is a very powerful card and should be enough for you request. I own a less powerful card the GTX 970 and it almost meets your requirements. Btw, do you play at Full HD resolution? 1920*1080. I would say, even a GTX 1060 should be enough for you, which is a little more powerful than mine GTX 970 previous generation. I replaced it to 1060 in this case.

Next thing, the psu is not bad but not first class. There are some other better one (also from EVGA made by other psu makers). If you don't mind, I recommend you a different one here.

And then the CPU. If you have the budget, then get the i7 processors. Some games and probably later newer games will thank you for that with fps. I bet, you will not change cpu once you buy it. So think about it. Some games really works better with better processor and if you want a gaming machine primarily for gaming, then this is a good step. From my prevous talk about K version of cpu, even if you dont overclock them, they have a higher base clock. So you can take this in consideration.

Ok enough talk. Here is a variation of your build:

PCPartPicker part list / Price breakdown by merchant

CPU: Intel Core i7-7700 3.6GHz Quad-Core Processor ($308.74 @ OutletPC)
Motherboard: Gigabyte GA-H270-HD3 ATX LGA1151 Motherboard ($101.98 @ Newegg)
Memory: G.Skill Ripjaws V Series 8GB (2 x 4GB) DDR4-2800 Memory ($55.99 @ Newegg)
Storage: Samsung 850 EVO-Series 250GB 2.5" Solid State Drive ($97.88 @ OutletPC)
Storage: Western Digital Caviar Blue 1TB 3.5" 7200RPM Internal Hard Drive ($49.33 @ OutletPC)
Video Card: MSI GeForce GTX 1060 6GB 6GB GAMING X Video Card ($259.99 @ B&H)
Case: NZXT H440 (Matte Black/Red) ATX Mid Tower Case ($104.99 @ NCIX US)
Power Supply: EVGA SuperNOVA G3 550W 80+ Gold Certified Fully-Modular ATX Power Supply ($79.99 @ Jet)
Operating System: Microsoft Windows 10 Pro OEM 64-bit ($94.00 @ Amazon)
Mouse: Logitech G602 Wireless Optical Mouse ($39.99 @ Best Buy)
Headphones: Kingston HyperX Cloud Stinger Headset ($49.99 @ Best Buy)
Other: TOMOKO 87 Key Mechanical Keyboard, Water-Resistant Mechanical Gaming Keyboard with Blue Switch, Anti-ghosting Keys (Black) ($49.99 @ Amazon)
Total: $1292.86
Prices include shipping, taxes, and discounts when available
Generated by PCPartPicker 2017-02-11 17:46 EST-0500

Wait. This is just a smart move for future, if you upgrade your graphic cards. For now, you would not get more fps by getting better cpu and worse graphic cards. Its just because I assume you never upgrade cpu, but you will graphics card. Under this assumption, I recommend you the best cpu instead a stripped of version.

BUT as everyone recommends, get i5 + 1070 if you never upgrade again. It should be better fps than i7 + 1060.