
That's how I was raised, and fully how I expected to raise my kids. However we had to make some adjustments when we discovered that our oldest is ridiculously academically gifted, while our youngest is equally smart, but has a learning disability.
So... the oldest does no work and brings home mostly A's anyway, while the youngest works his butt off and gets mostly B's. Consequently, we've decided to ignore grades. "You're still passing? That's nice."
School is... in my opinion... not even close to the real world. Especially in our district where the policy is that no one fails and every one gets a retest if they didn't study. My kids choose to go because they like hanging out with other kids. But I'm the one who taught them to read and do their math, not the school. And they earn their money by working (for us, or for the neighbours, or delivering papers).