I would like to get better insight into HOW Contact Preferences work. 

These preferences seem to be self-explanatory.  If they are, GREAT!  However, I have not had success in finding documentation (in Acumatica or outside Acumatica) to understand how these function behave.

In my use case, I need to understand how these controls work within the:

• Business Account (Parent), and the…
• Contact (Child).

Here’s a picture of what the function looks like in the Contact.