Bruce, here is how I finished may basement it may not be the best method but I think that it's a good way to go.

I used fiberglass batt insulation for the joist band only. Then I put one inch ridgid foam insulation dirrectly against the concrete then framed all of the walls with 2by4's and used treated bottom plates. The studs are against the foam not the concrete. I insulated the ceiling with R-19 batts for sound proofing and I am very glad I did.

If there are no problems with moisture and the cement walls are straight here is a simpler and faster way to do the walls.

Use treated 2by2's or rip treated 2by4's in half, nail them directly to the concrete on 16 inch centers and make sure to face the treated side toward the concrete. No top or bottom plates are needed, install 2 inch ridgid foam insulation between studs. Use shallow electrical boxes and nail plates over the studs to protect wiring. Then cover with drywall. I would suggest using the new paperless drywall in a basement.