As parents we all want our kids to live up to their potential but sometimes there is a thin line between "your potential" and "perfect". As a child I was an A student and was always told how much potential I had. As I got older, the A's were harder to achieve. I did not grow up to be a doctor or a lawyer and for years I beat myself up emotionally and felt like a failure because I wasn't perfect or living up to my so called potential. It really messed with my self-esteem and confidence. It took a long time to overcome that. I can tell you from personal experience that in the long run self-esteem and confidence go a lot further in determining success and happiness than any A ever will.
I say this with all due respect but I really think you need to back off a little.
First I should say it was a mistake to even post this. Yes my DD is 10 and in 5th grade. I have spoke to her teachers and with her about her grades. Her teachers have told me she wants to talk with her friends so rushes with her tests. (She will make a 100 on a quiz and then a 60 on a test) That is how I am sure she is capable. DD tells me she wants to talk to her friends as well. I give her extra work at home for school and all she has to do for chores is clean her room and put her clothes away. As for her going to Nana's, she was going on Friday and staying until Sun some weekends so she can not do that now. However she still see' her grandparents a few times a week, as well as her cousions. She just does not get to spend the whole weekend with them. Thanks for all the responses! I will try to not be such a horrible mom and expect the best!
P.S. I do love to give her a great B-Day and she gets to pick what she does every year. This year she wants a Luau and after I purchase the decor, cake, invites, thank you's, favors, food and drinks for 15-20 kids plus adults it will be alot!

I totally agree with you!
And I also think it should be noted for all parents with high expectations, that none of us live up to our full potential all the time - that's right, NONE of us!
And you know what? Most of us turn out just fine, in spite of mediocre grades in elementary school!
She goes to school, working for hours a day, and then she comes home and you pile on additional work to "drive the message home?" Help her find things she enjoys learning about instead of giving her more "work" to do. Read a book with her, take her to a museum, pick interesting topics for dinner conversation. Ask her what she's interesting in - invest in her as a person, not just as a student. Learning is not all about school - school should just be one part of becoming a lifelong learner. Are you saying it is all about mom?
No, it is all about the armchair shrinks, know-it-alls and screaming pack of hyenas on the Disboards. 
Grades are not everything! A schoolmate of ours was a C student if he was lucky and now runs a multi-billion dollar company. Bill Gates was the same way. We have to learn to step back at a certain point and let our kids live their own lives. Now if a child is failing because he is not even doing his work or trying, then definitely take away the computer or cellphone for a month and see if it helps. But to punish and be on a kids' back all the time for B's is just out of line and maybe the parent needs educated not the child.
I agree. It's come to the point where I wish my son got Cs because that's all he's capable of...average grades.
Unfortunately, these days a C isn't seen as average, it's seen as low. We're lucky because we live in a city that has tons of city colleges and the kids are guaranteed admittance with a high school diploma...grades don't matter. I'm tempted to just let my son do his thing, or not, and send him to one of the city schools. It's too much aggravation to argue with him. I know I sound like I'm copping oot on parenting, but I'm wondering if it's worth it, since he'll get into college anyway. Being a parent is tough!
The trick to this situation is that you want to inspire the child to do his/her best because it will serve him/her well...not force him/her to get a better grade because it is what you want. I think that punishing a child for getting Bs is harsh and is only going to push that child farther away from your goal. It's going to create a stressful situation, rather than one in which the child sees the importance of hard work. Instead I would find a way to reward the child for pulling those grades up on the next report card. I wouldn't necessarily use cash though. I'd probably something less tangible.
OP - Personally, I'd sit down with your DD and have a talk. IMO it's never to early to let a child know that the way you perform in school can have long-lasting effects on a life. It's also important to let her know that it's necessary to have priorities. Right now her priorities are talking with her friends. You need to stress to her that friend-time is great, but it should not be at the expense of schoolwork. She is at the perfect age to discuss this as she has not yet entered the high school years. IMO it's important to get through to her now so that she has things in order by the time she gets to HS.
And, FTR, I do not think that every child should be bringing home A's. My outlook has always been that a child should work to his/her potential. If that potential is B's then that's fine, but that potential is A's then B's/C's are not fine.