No problems. The red buttons are test buttons. You can push these are the board should perfrom a test. Is there any other boards in the backbox which have not been photographed yet? There should be another board for the power supply.
The small board by itself is a reset/watchdog timer board. If the game was to lock up on site, it could potential burnt out a coil. If the reset board does not detect the CPU is running(and locked up) it will reset the entire game.

You will need a multimeter to check the 5v power supply.