Teacher education research attention has focused on the professional development of teachers. What is often neglected in this landscape of research is students’ experiences with learning. This paper describes children’s perceptions of classroom assessment practices. We draw from Bourdieu’s (1990) theory of capital to interpret students’ comments regarding practices associated with tests, collaborative assessment and evaluation, and grades. Bourdieu (1986) suggests that various forms of capital (cultural, social, and symbolic) mediate human activity. Within this context, these assessment practices are means by which institutionalized cultural capital, in the form of high grades, are generated for exchange on competitive home and school markets.