If you owned your own business, the IRS requires you to report any income or expenses for that business on your tax return. When you enter your information into the program, the form Schedule C is created.
If you received a Form 1099-MISC with income reported in boxes 5, 6, or 7, you must report the income on a Schedule C. To determine why you are required to file a Schedule C please click here.
If you were to just report the income as "Other Income", the Social Security and Medicare taxes would not calculate correctly. When the IRS reviewed your return later in the year, they would find that you did not report this correctly and you would have to not only pay the self-employment taxes, but you would end up owing penalties and interest.