The purpose and effect of Beowulf describing his own great deeds rely on showing how confident he is about his strength and bravery to fight the monster. In this way, he is demonstrating his honor and fearless pursues to others.
The first purpose that Richard's soliloquy appears to serve is to reveal the motivations and personality of the character - we can see that he hates himself because he was basically a hunchback, so he was pretty self-conscious about it. He also reveals in the first scene what he intends to do throughout the play.
As for the second purpose, I'd choose the answer - it informs the audience about the background of the plot, as it gives us reasons why Richard decided to do what he did.
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Your answer is True! In Animal Farm the animals come together and make a law that all animals are equal and no animal is better than anyone else. Similarly in "Harrison Bergeron" all civilians wear "bands" that create equality by producing brain waves that made everyone at the same level of intelligence.