Your professor assigned an in-class writing exercise early in the semester, and you did really well on it. You now want to use some of the same ideas in your final paper. You discuss this with your professor, and she gives permission for you to reuse your earlier work, as long as your term paper also contains some substantially new ideas. Is this plagiarism?
I would recommend citing your paper in an Annotated Bibliography and in-text citations. Treating your old paper as its own body of work will help avoid plagiarism, especially if you already got permission.