Answered my own questions....found Time Machine to do what I wanted.
Can the backup utility be used to schedule full volume backup on the weekend and incremental backups daily.
Can the backup utility backup be utilized to restore file(s)
individually or just for the whole backup image
How can you view what is backed up via the disk utility
Is the "ICO" the correct extension from the backup utility,
what can be used to view contents of that file