Yep, you just use the utility knife with a good point, and score where you want to make the cut...Run the blade up and down the line several times till your about half way through the thickness of the acrylic. Then wedge the sheet between two pieces of wood/etc at the line with a clamp(make sure the boards are on the end you want to keep; prevents it from shattering or cracking on that end) and then just bend/strike off the piece you don't want. It will snap on the line you scored and you just buff smooth with fine sandpaper(under a running faucet, for best results) and your good to go... You can also use a propane blow torch and run it smoothly but somewhat quickly up and down the edge to give it a nice smooth sheen where you cut it(if that matters to you)...
the hole saw is pretty straight forward(again I would water the bit as you drill,but it is not needed, just cuts back on dust and gives a smoother finish)
Just make sure you take your time and make sure your scores are of sufficient depth, otherwise you will either get shatters or the piece will not break off in a smooth line and you will be left with lots of sanding...