Why yes, you are indeed viewing this correctly. It seems that JC Penney thought it would be awesome to include this really awful shirt in their collection of back to school items for girls.
I really have no earthly idea why anyone thought it was appropriate to make, sell, or purchase this shirt. Though I shouldn't be surprised, given how many other tops with horrendously awful and/or offensive slogans exist in the world, it still makes me absolutely sick to think that people still buy into stereotypes like "pretty girls can't be smart," "boys are clearly smarter than girls," and "if I like to listen to pop music I can't focus on anything else" (thanks for that last one, product description). Also, since when is not doing your homework "cute and sassy"? I hate that this is what we're teaching kids, and that this is something that some people continue to find humorous.
I could go on (and on) about this, but this piece from Salon says it far better than me:
"It would be wonderful to think we live in a world where the idea that a girl or a woman would prioritize her body over her brain is so ludicrous that it could never be taken seriously. But when the message that women ought to embrace that hierarchy of values is delivered so relentlessly and through so many channels, JCPenney should have realized that its supposedly clever slogan was too on the nose to be worn on anybody’s body as a joke."