Yes it would be common sense to know that they are talking about O and not O2.
The big number in front, tells you the relative number of moles for a compound compared to another. For example: N2+3H2-->2NH3. The big numbers in front tell you that for every mol of N2, there are 3 mol of H2, so yes you would still need to take that into consideration. The difference here is that you are dealing with a reaction rather than just a compound, but the same sort of principle takes place, I certainly would not ignore it, but depending on the question, you would know which bits of information are needed.