Hi, Stacey. The "proper" molding depends more on the style of your house and room than it does on the floor. It should be similar to your door and window casing, and cove molding, if you have it. The same is true of finishing the base molding. The finish should match the other molding in the room.
If you decide to change or add molding, remember that outside corners should be mitered and inside corners should be coped.