I got this white orchid as a gift....?

It's normal for the flower to dry up and fall off. Cut the remaining spike off as close to the base of the plant as you can. Continue watering weekly with tepid water. Include a good Orchid Fertilizer in every other watering. There is no reason to transplant it since you've only had it for 7 months. When an orchid is finished blooming it grows new foliage (leaves) When it's ready to bloom again you'll see a new spike appear. Keep doing what you are doing. It sounds like it's doing well.