backing up the Nexus for exchange/replacement?

[Sesami]

How would you go about backing up all your data and apps if you were planning to maybe return/exchange your tablet? I'm not rooted. Also, do you need to do a factory reset on the tablet before going in to exchange so all your info isn't on the tablet? And if you do happen to get a new tablet, how does the Google Play $25 credit come into play? Do you get it again? I'm considering taking mine back to the store.