Appropriate punishment for 8 year old boy?

Your a Good Mother because you want to teach your kid about responsibility, not to fib, and keep his grades to the Best. Now is the time to sit him down and explain to him what not doing his homework will do to his grades etc. as well as what you expect from him in his school work. Does he have a tv in his room? Take his Playstation away and explain to him he will not get it back nor hang out at any friends house/talk on the phone/computer chats(if he does that?) until his next spelling be and grades are up and up. Two days is being too nice. He needs to really see that you mean business and lying is not tolerated in your home. Having luxuries is a Privilege and you as a Mother work hard to supply him with those toys. Supply and Demand>