In reply to Shaunhaynes99:
The short answer is no, you can take considerably more than than 7 falls before retiring the rope.
That number is part of the UIAA rope tests and is performed with a very big fall, (fall factor 1.77 I think), which is essentially impossible indoors (or when single pitch climbing outdoors), as it would require falling past your belayer and typically the floor gets in the way. This type of fall is not recommended, although it won’t damage your rope!
Normal indoor falls have fall factors much less that 1, perhaps around 0.2.