Well you put it quite well. I guess it's time to close this thread as the point has been made. There are indeed a couple of features available to restrict/limit a phones use . . . once you become aware that such controls need to be installed. As I stated at the beginning, what recourse does a parent have the first time around when "junior" goes bizerke and runs up a bill of thousands. Unless, the carrier has sympathy for you . . . you dig deep and pay it . . . THEN you can install all the controls we've been talking about.
But it's like closing the barn door once the horses have all run away huh? Hopefully, someday Verizon will see fit to install a simple "early warning system" as an option for a parent who doesn't yet realize there is going to be such a severe problem. So without further ado . . . everyone's proposal to close this thread is accepted and I thank you all for contriubting as you did. Thanks all!