This exercise is excellent as it challenges your core in multiple directions- it involves lateral, rotational and front to back movement.
Muscles involved: Abdominal, Obliques, Spinal Rotators and Biceps
Starting position: Sit on the floor with your knees bent and your heels touching the floor with your feet flexed upwards (this engages the core more). Extend your arms out in front of you, palms together. Lean backwards. (The further back you lean the more you will challenge your abdominal muscles.) Only go back as far as you are comfortable.
Movement: Twist your body from right to left as you keep your lower body still. If you want more of a challenge you can put a dumbbell, medicine ball, or kettle bell in your hands.

