Processes in Microsoft 365 for setting up Office apps, redeeming product keys, and activating licenses.
1
It depends on the Office licence you purchased, was that indicated as Office Home 2024, Office Professional Plus 2024, Microsoft 365... etc.
2
Open Word, then go to File - Account, what edition of Office is indicated there as installed on your PC.
Also, if you log into your Microsoft account on this link, you should find the Office licence listed as a digital licence linked to your account, is that correct?