EXAMPLE: “Story”: The succession of fictional events in chronological order.
In Beowulf this is very straightforward The poem starts with the young Beowulf and it flows over to his old age and then to his death.
In Dream of the Rood for instance, the poems starts with the fact that the narrator tells you that he had a dream but everything that happened to the Rood happened way before the fact that the narrator had his dream.
“Text”: what the reader actually reads: the author can choose to present the fictional events all jumbled up and filtered through some focalizing instance.
“the story as it plays out in the text” ( Herman and Vervaeck, 42)
You retell the story in the right order.