Question

If we decrease the distance traveled over the same period of time, this will

decrease the speed.
increase the velocity.
increase the speed.
have no effect on speed or velocity.

Answer 1

it's important to remember that speed and velocity mean the same thing.

now, if speed = velocity = change in distance / time
and if 'change in distance' gets smaller and time stays the same. then that would make speed and velocity less that it was before.
make sense?