For me, I have three finishes I use for bowls;
Danish oil, I soak it, sand it a bit more with a green scrubby pad, then soak it again, and by soak I mean I apply a very liberal amount of oil, dripping all over, making a fine mess. I let it dry again (24hrs) and then I sand some more, with the green scrubby pad (maybe about #600 or #800 I guess) then I just leave it. Danish oil is a hardening oil, so once it soaks into the wood and cures, you should be done for good. This leaves a satin finish that I quite like. I know that others do wax and buff Danish oil, but I find I don't like the finish it leaves, but YMMV
Mineral Oil, this is the most basic finish I use, I just soak the oil on, leave it to dry, wipe any excess, soak it again, wipe it again. This finish is great for bowls what get used a lot, I just keep a small bottle of mineral oil in the kitchen, I can freshen up any bowl in minutes. I find this great on salad bowls. The mineral oil you can find in your pharmacy, it is sold as a laxative, I think I paid about $2 for a pint.
Shinny, if I want to put a really shinny finish on something, then I use lacquer sanding sealer, at least two coats, sanded to #400 between and then green scrubby pad (#600...?) after. I wipe it down really well and let it sit for 24hrs. I then set up my minimalist spray booth go for a rattle can lacquer finish. Light coats, and a lazy-susan to put the piece on is a key, you can turn it, spray, turn, spray, etc. I will let these pieces set for at least a week, I usually take them into the house, where it is warmer, even set it where it gets some sunlight. When I go to buff these pieces, I want the rattle can lacquer to be fully cured and hard, I then buff and wax them, the finish you get is really shiny, almost impossible to take decent pics because of the reflections. I don't use this finish much, only on my "Art" pieces.
I hope this helps.
Cheers!