There are three different ways that RET can work in completing minibuffers, depending on how the argument will be used.
Strict completion is used when it is meaningless to give any argument except one of the known alternatives. For example, when C-x k reads the name of a buffer to kill, it is meaningless to give anything but the name of an existing buffer. In strict completion, RET refuses to exit if the text in the minibuffer does not complete to an exact match.
Cautious completion is similar to strict completion, except that RET exits only if the text was an exact match already, not needing completion. If the text is not an exact match, RET does not exit, but it does complete the text. If it completes to an exact match, a second RET will exit.
Cautious completion is used for reading file names for files that must already exist.
Permissive completion is used when any string whatever is meaningful, and the list of completion alternatives is just a guide. For example, when C-x C-f reads the name of a file to visit, any file name is allowed, in case you want to create a file. In permissive completion, RET takes the text in the minibuffer exactly as given, without completing it.
The completion commands display a list of all possible completions in a window whenever there is more than one possibility for the very next character. Also, typing ? explicitly requests such a list. If the list of completions is long, you can scroll it with C-M-v (see Other Window).