I would say put in any and all work you can that relates to what you want to do. Do you want to be an animator? Well, put in drawings, concept art, rough animation drafts, ect...
Programming? Put in some code works you've done, some systems you've messed with, code examples.
Basically, whatever you put in there, be sure to show the steps taken to do so. At least, this is what I did for my Web Design portfolio.
Also, as a hint, if you're required to make a Business Card / Logo, don't do the boring thing and use your initials. EVERYONE does that and its a shit way to stand out.