Sure once you’ve done it a couple of times… 
First, Draw an absolutely nonsense circle or ellipse with the Ellipse tool on the left. Have zero regard for the accuracy. Just get one on the grid. The most important step is the first one - just start.
Next - with the circle selected, unlock it and change the numbers to your specification 94 tall and 94 wide.
Then, use the rectangle tool to draw an almost passable rectangle that will fully cover the square background of the image and allow a little bit of adjustment. Note. I moved the circle down using the XPos and YPos numbers to the left of the size tool.
Select the image of the bear and the words (It’s important to remember this is an image. The shapes that look like text are just part of the image. The image won’t respond to the text tool.)
Select and Shrink the image enough to fit - again… this doesn’t need to be precise.
Then drag image into the circle.
Put the cursor on the image and use the wheel in the middle of the mouse to zoom the area. If you’re using a mousepad or the red ThinkPad button consider investing in a wheel mouse.
When framing photography the Matboard (or whitespace) below the image is almost always taller than it is above the image. So, ‘Centered’ doesn’t always look right, and it’s hard to detect.
Now, select all three objects and Apply Mask to Image
This is a really clean image. Not much in the background for noise.
If you have an image that has a lot of background noise - using the trace tool then the mask is a great approach. There’s a great video in the link below.