Today's question of the course (2780B), how do licensing options mix with multiple instances. The course points out the choices on installation;
That's about it, but as always, MS-Licensing is more complicated than a single page in the text-book. If you want to know it all, there is an SQL Server licensing white-paper, covering;
For just Virtualization and Multi-instancing, read this section of the above white-paper. For more info on licenses and pricing, visit How to buy SQL Server. Keep in mind that pricing and licensing may vary based on your location.