If your family members made a purchase with the family payment method and it's already in process, you'll still be charged, but you can request a refund for unwanted or accidental purchases. If you set up Google Play Family Library, everyone from your family group loses access to the Family Library content that other family members added. More @Wikipedia
Hover over any link to get a description of the article. Please note that search keywords are sometimes hidden within the full article and don't appear in the description or title.