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Here are some of your choices:
Under Settings
Airplane Mode ON--disables Internet connectivity
Location Services OFF--no locations services
Under Allow
Safari OFF--no web browser
YouTube OFF--no YouTube
iTunes OFF--no iTunes
Ping OFF--no Ping
Installing Apps OFF--apps cannot be installed
Deleting Apps OFF--apps cannot be deleted
Under Allowed Content
Ratings For--content can be filtered by age ratings
In-App Purchases OFF--no in-app purchases can be made
Under Game Center
Multiplayer Games OFF--disables social gaming
These and other settings can be changed whenever you wish. So use these settings as needed to protect your child from accessing unwanted content, making purchases and so forth.