Additional to other ansers:
In principle your diagram is correct.
Others have commented on pratical aspects.
An extremely important point that someone mentioned in passing - If connecting stranded wires to a screw down terminal block system the wires MUST NOT be fully tinned/soldered - the strands must be free to move relative to each other. It IS acceptable to tin the very ends to keep the wire tidy - but the strands where the screw clamps MUST be unsoldered copper.
The reason is that if you screw down onto a soldered bundle of wire strands the solder will creep with time and the joint will loosen. This is a genuine real-world problem and causes genuine disasters. I discovered this for myself about 60 years ago (! :-) ) but all reputable regulatory authorities also ban this practice.
Very bad things can happen.
Best case is a bad connection.
Worse is fire or a wire with mains on coming loose and shorting to something unintended.