There's no need to guess:
\begin{align}
120&=2\cdot 60+0\\
60&=2\cdot 30+0\\
30&=2\cdot 15+0\\
15&=2\cdot 7+1\\
7&=2\cdot 3+1\\
3&=2\cdot 1+1\\
1&=2\cdot 0+1
\end{align}
So
$$
120=\texttt{1111000}=0\cdot1+0\cdot2+0\cdot4+1\cdot8+1\cdot16+1\cdot32+1\cdot64
$$
If you want to use eight bits, then you can pad with zeros on the left:
$$
120=\texttt{01111000}
$$
(this just means that you add $0\cdot128$).
You can also do it by subtractions:
\begin{array}{ccc}
120<128 && \texttt{0}\\
120\ge64 & (120-64=56) & \texttt{1}\\
56\ge32 & (56-32=24) & \texttt{1}\\
24\ge16 & (24-16=8) & \texttt{1}\\
8\ge8 & (8-8=0) & \texttt{1}\\
0<4 && \texttt{0}\\
0<2 && \texttt{0}\\
0<1 && \texttt{0}
\end{array}