Does the iTunes Store for the iPad have parental controls?

Yes. All content in Apple's iTunes and App store is rated, and Explicit content or R-rated movies can be blocked. Follow these steps to enable Restrictions on your iOS device:

1. Navigate to General > Restrictions
2. Choose and enter a passcode

From here you can restrict complete access to certain apps such as Safari or iTunes, and you can also restrict access to specific content types like Explicit music, R-rated movies or TV-MA television shows.

You can also disable in-app purchases so children won't be able to add additional charges to the credit card connected to your account, when playing games on their device.