There's Only 1 Formula To Find The Answer

Question

The answer to the puzzle is a seven letter word. May it be yours!

Answer 1

First we look at the letters

and find some hidden names

Next we look at

the title and realize these names might be Formula 1 racers.
Sure enough they are and they match the flags on the right so we put them in that order:

Jacques Villeneuve, Canada
Emerson Fittipaldi, Brazil
Michael/Mick Schumacher, Germany
Jenson Button, Britain
Mario Andretti, USA
Keke Rosberg, Finland
Thierry Boutsen, Belgium

In some cases

we were given the last name, in others the first name. If we take the other name and take the nth letter from the nth name we get

Villeneuve
FIttipaldi
MiCk
ButTon
MariO
RosbeRg
ThierrY

VICTORY