What's the difference, if there is one? And when would you use one or the other? Favorite brands? Tips?

Here's my upcoming projects- I have two built-in wall cabinets that will be painted, and there's small gaps in between the wall and trim. Nothing bigger than 1/8th", but it bugs me, and I'm wanting to caulk those gaps before I paint.

I also have one wall that has a fine crack from the foundation settling. It's obvious the PO's tried to patch it before, and after a lot of reading on how best to fix it, I'm pretty sure it'll reappear eventually. That being said, I'd like to caulk it before I paint, so it looks better at least for a while. Again, the cracks are no wider than 1/8".

I'll be using latex paint for all of my projects.