I asked the same question on Snowcovered.com and received a reply within a day. I can't find their response and don't want to mis-state the policy, so will not rely on my sometimes faulty memory. Since there has been no "official" answer provided here, you might want to give Snowcovered.com a try.

Ed 

In Granted Rights we are told that the license can be used on each portal of one DNN installation.
In Limitations we are told that Each DNN portal must have its own unique license key.

The top paragraph giveth as the bottom paragraph taketh away.

There must be a lawyer involved in here somewhere!

Fortunately for me, this gobbly-gook actually told me what I wanted to know... that there is no technical reason why the Catalook modules couldn't be added to multiple portals within a single DNN installation at the same time.  I couldn't care less about the legal issue, because I only have (or want) one store among all of my portals.  But I do want to stage the store on a non-public portal and play with it until I thoroughly understand this massive software, and then with greater wisdom, build the real store on my public portal.  I came to the forums today to find out if for TECHNICAL reasons, such exploration would require multiple licenses to the product.  From what I have read here, even if the Limitation's section is right, I can live in the license by deleting the modules from my non-public portal before building my public store.

BTW - If the Gods of ecommerce, commonly known as the DNNSoft staff ever read this post, please consider clarifying the licensing text in your terms document. 

Thanks for A Great Product!

A very happy new customer!