Also known as a Japanese punch or a bookbinding punch, this tool can punch holes anywhere (regular hole punches only work near edges), and comes with several attachments for making holes in different sizes. Hold screw punches perpendicular to paper and press down to punch over a cutting mat.
Also known as a utility knife, this is an essential tool that cuts clean, precise edges. Craft knives are excellent for cutting heavier papers, cardboard, and foam core. They are not recommended for tissue paper or flimsy fabric, which will tear. Always make sure you're using a sharp blade, and work very carefully.