Get a set of drill bits, 1/16 to 1/4 in 1/64 steps. That's only 13 drill bits. Then get another set. You will break bits and the second set will provide a quick replacement. When you break a bit, buy a replacement package of two bits. (You won't be sorry.)

Get a set of three or four Vix bits. (Buy the Rockler brand as they are much better quality.) Lubricate the Vix bits with candle wax frequently. The chips will eject much more efficiently.
BTW - The Vix bit is only intended to give you a place to start the hole and you need to follow up with a deeper hole.

Get a set of single flute countersink bits. #6, #8 and #10. These are usually intended for metal but give an incredibly smooth countersink hole in wood.

Get 1/4 & 3/8 Forstner bits.

I like Robertson drive screws but I'm not about to drive 35 miles RT to get them so I'll settle for Philips drive.

The length of screws, 1-1/2 is too long for most applications while 1-1/4 is a good starting point. Some applications need shorter screws so 1 and 3/4 are good.

Flat head screws are what most people use but they tend to split the wood when driven too tightly. Thus the need for Forstner bits. These bits make a flat bottom hole for round, bugle or Fillister head screws. These are better than using flat head screws.

If you are expecting to do a lot of hinges buy a box each of #4 x 3/4 and #4x1 along with a black and brown Sharpie. Use the Sharpie to color the head of the steel screw so that it is similar to the color of the hinge.

BTW - Throw away the screws that come in the hinge packages. They don't hold and only break. (I've broken some of these screws by tightening them with a battery-less screwdriver held between my thumb and two fingers.)

Drill stops can be made using a piece of scrap wood. When you make your own, the stop rests against the drill chuck. Unlike other drill stops, the stop doesn't move but the drill bit may get shorter. Drill stops attached to the drill bit can move and drill the hole deeper. (Disaster?)

If you are using true wood screws, the tapered bits are nice but expensive. Most of us use sheet metal screws (no tapering body or threads) and an ordinary twist drill bit is best.

When you're using screws to hold something together it is necessary to perform 4 and possibly 5 drilling operations, really.

First in the top piece, drill a body hole.
Second countersink, slightly, the hole where the hole exits the piece.
Third countersink the hole for the screw head if needed.
Fourth drill a pilot hole into the second piece.
Fifth and finally countersink slightly the entry of the pilot hole into the second piece.

Most of you are thinking, "Rich you're up in your nightie." Well maybe but there are very logical reasons for the countersinking the holes between the two pieces.

First you're removing any chad that may be hanging from the drilling operation.
Second when the screw is driven, a mushroom erupts from the surface. The countersink gives the mushroom a place to "grow". The screw can pull the two pieces together and not try (unsuccessfully) to crush the wood fibers of the mushroom.

There is a drilling and screw system that does not normally get discussed in this type of discussion. It's Kreg. (Come on stop throwing rocks.) The Kreg system has a lot of uses for which it wasn't designed for. First the Kreg drill bit ($20 or so) is 3/8" in diameter and has a tip that is a body drill about #6-1/2 screw. (Metric?) The tip is 5/8" long. The numbers are important and we'll get there.

The Kreg screw is a clamping device and self drilling. The screw still creates a small mushroom but the body drill with the 5/8 tip seems to take care of most of it. You've seen the clamps that go into the picket hole, well they are necessary. This is not about pocket screw joinery so we'll move on.

The numbers are important. The most common Kreg screw is 1-1/4". Half of 1-1/4 is 5/8. Yeah, duh. However are you joining something to a piece 3/4 thick? Drill the hole for the Kreg screw with the bit until the bit barely protrudes through the piece. What this has done, is to set the depth that the screw will go into the second piece. The second piece is 3/4 and the screw will go in 5/8 leaving 1/8 of solid wood. No bumps and no screws sticking through the second piece.

Finally, how do you know which size drill bit is either a body bit or a pilot bit? Simple. You could look on a chart but many screws are made in metric factories and it is rare that a standard metric size is an exact imperial equivalent.

For a pilot drill bit hold the screw up near a light background. Take your drill bit and hold it BEHIND the screw. Pick the size that can be just barely hidden behind the shank of the screw. i.e. The drill bit is not visible in the bottoms of the threads. I usually start with one size smaller and if it feels too tight, I'll go up one drill bit size.

For a body drill, use the same procedure except the screw is behind the drill bit. Pick the largest drill bit that does not completely hide the threads of the screw. The body drill size is not as critical as the pilot drill size. If the hole is slightly tight it is easier to remove the screw for disassembly.