How do I determine if my knife must be honed and/or sharpened?
That's a good knife. All knives need to be sharpened and honed: honed frequently, and sharpened occasionally. If neither has been done to the knife, it's likely that simply honing it will bring back the blade, but eventually it will require sharpening as well. A dull knife is dangerous and should not be used. 

Be careful with electric sharpeners. There are decently good ones available, but bad ones (and the majority of electric sharpeners are bad) will damage the knife over time. Still, they're a lot more convenient than sharpening stones and require less practice. You might also consider a Tri-Angle Sharpmaker, which is somewhere between an electric sharpener and a sharpening stone in convenience and ease of use.