Right now i have a Biostar TA790GX A2+ and a AMD phenom 9850 processor. I have a new AMD phenom II x4 940 coming in the mail and as of right now I have OLD bios from 2008 that do not support the new processor. - My question is. If i update now, Will the latest bios for my motherboard work for also my 9850 and my new phenom II?
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That's not a dumb question at all. Yes, it will support the new Phenom. As long as the max TDP support is within limit, then you're good to go.
The AMD phenom II x4 940 is listed among the supported CPU on the manufacturer's website so it will work. Once updated, your old CPU would still work, never seen a BIOS update that is not "backward compatible".