That option is not always as simple. I couldn't return my refurb iPad 2 that way, it said it was ineligible for return but I rang Apple and arranged a return straight away no questions asked.
Your order confirmation email has a link to the return policies. That's a good place to get specifics.
Should be 14 days from delivery, and there should be no problem returning/cancelling AppleCare+. Don't be That Guy who waits until day 15 and wonders why he can't return it...