Is it possible to have the same Apple ID but several iCloud accounts?

My teenagers use my Apple ID and we like iTunes home sharing, but they want to have their own iCloud account. I don't find the answer anywhere.

mende1 is correct.  Each iCloud account is associated with a single Apple ID.  It is not possible to have multiple iCloud accounts with the same ID.  If you want to create multiple iCloud accounts you have to use a different Apple ID for each one.
Note: you can have different iCloud accounts with different IDs and still share the same ID for iTunes.  The ID you use for iTunes does not have to be the same as the ID you use for iCloud.

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