I did a simple test to show how to use CREATE SCHEMA:
SQL> get afiedt.buf
1 connect system/manager@oradev
2 drop user t3 cascade;
3 create user t3 identified by t3;
4 grant create table to t3;
5 grant create session to t3;
6 grant unlimited tablespace to t3;
7 connect t3/t3@oradev
8 create schema authorization t3
9 create table a (colour varchar2(10))
10* grant select on a to t1
SQL>
SQL> @afiedt.buf
Connected.
User dropped.
User created.
Grant succeeded.
Grant succeeded.
Grant succeeded.
Connected.
Schema created.
SQL>
As you can see it created the table and did the grant and simply reported back "Schema created". It would be a useful addition to Oracle to actually create schemas that are seperate to user accounts. I.e. you could create a bunch of tables / views etc that are in a schema but no one can log in to it. This would remove, in E-Business Suite the need to have hundreds of default accounts that need to have default passwords changed and locked etc.