Need help creating schemas

I need to create two schemas (TEST1 andt TEST2) of sizes .5GB and 2BG respectively, and provide login credentials to them that have select, insert, and update privileges.

I just need to verify that I understand correctly what I need to fdo here. I know that when a user is created, a schema is created automatically for that user. So basically what I need to do is to create 2 users TEST1 and TEST2 and grant those users required privileges?

Something like this?

CREATE USER TEST1
IDENTIFIED BY PWD1
DEFAULT TABLESPACE users
TEMPORARY TABLESPACE temp;

Is the above correct? Also how do I grant the TEST1 user privileges on schema TEST1 if there are no objects created yet? And is there a way to specify schema size?