I am finishing my basement and want to wire my family room on one 20A circuit. The room is basically a square box roughly 20' X 20'. It will consist of roughly 10 outlets and 8-10 recessed lights. My questions are

1. Can I connect all of the outlets and lights on one 20A circuit?
2. If so, where should I run the main feed from the breaker first? An outlet or light?

I was picturing starting with an outlet (due to close vicinity of breaker box) and wiring all the outlets first. Where the last outlet is located happens to be right below the switch box for the lights. I was thinking I could carry on from that last outlet to the switch and then from the switch to the first light, then the second, etc, etc.

For the 2 bedrooms and storage room in my basement I intend to wire the outlets on one 15A breaker and the lights on another 15A breaker. Does this sound wise?

Let me know if any of this is way off. Thanks in advance.

I would do 2 circuits, 1 for lights. From panel to switch location then to lights.
Then for recepticles, go fro panel to closest, then the rest.
In the winter you may plug in a Heater, Trip breaker, and leave you in the dark.

Would I need to use 20A circuits if I ran one for outlets and one for lights? If I could go with 2-15A I could use 14/2 wire instead of 12/2 and save some $.

We can't use 14 down here, Most other places you can. If allowed You could put lighting on 15 Amp with #14. For recepticles I would really suggest 20 amp, Very Useful those extra amps.

I have to agree with hkstroud, A small frige, a lot of options, If you are going to make this place nice, you will like the extra circuit.
While walls are open don't forget Alarm, Phone, Speakers, Cable or Sat, Computer, Not only that room, ALL rooms above it, It doesn't get easier or cheaper than now(with no ceiling)