All-around help!

[kmdean]

Hello!

I just got my first orchid on Saturday, and am a bit overwhelmed regarding its care. I would really appreciate some help and advice on the following questions!

I received the plant as a present, and the tag reads "Phal. White Dream 'V3'.

1. The orchid is currently in a terra cotta pot with five holes around the bottom and is potted in mossy looking material. Is this appropriate?

2. My plant is by a north-facing window. Is this OK?

3. There are multiple roots growing out of the base of the plant and hanging over the sides of the pot. Should these be trimmed, or what should I do with them?

4. I have read that I should water my plant 1-2 times a week, and fertilize it once a month. True?

5. There is one open flower and four buds. The open flower is wilting today. Is this because of a change in environment? Can I bring it back?

6. How long do flowers last once they have bloomed?

THANK YOU so much for your help!! I can't wait to take care of my beautiful orchid!