Hello, would appreciate some input on my questions above. Thanks!

Looks like a Ficus microcarpa to me. It could be considered bonsai to beginners, but due to the nasty tubers, most 'more experienced' bonsaiists don't think they are. For now, you can slip pot (leave the soil on the roots) the tree into better soil. Watch your watering and keep it humid and well lit and it should come back. Do not prune anything.

Thanks Ryan. I'm not home right now but I'll look it up later. I'm what I would call a "pre-beginner" :-) so I bought it thinking it would be a cheap way for me to learn and experiment

Ryan, is slip potting removing the tree from it's pot and putting it into another pot (leaving the soil on it's roots), or is it putting the entire pot into a larger pot?

Thanks,
- db

No, put it into a new pot all together.

Thanks Sims.

can someone advise about the size of the new pot, how much of the roots should be exposed above the soil line, how deep the pot should be etc?

I've repotted other houseplants and was wondering if this would be different.

Thanks!

Oops - It's F. Macrocarpa (ginseng ficus) - not that it makes much difference in care.