Is it more like chemistry? Does it use herbs, chemicals, liquids, powders, and assorted items to create reactions?
>What kind of reactions can be made?
>>Can liquids be solidified?
>>Can a sustained fire be created?
>>Can explosives be made?
>>What else can it do?
>How many alchemists use this method?
>Are there books on the matter, or would a prospective student need to find a teacher?

Is it more like magic? Does it magically transmute things into other things?
>Are circles used for this?
>>Does what is used to make the circle matter?
>What are the limits?
>>Can solid items be changed into gasses or liquids? (Or gasses into solids or liquids, or liquids into gases or solids)?
>>Can non-living things be turned into living things?
>>>Sentient living things, like animals, or non-sentient things, like plants?
>>>If something was originally living, then changed to non-living, could it be changed back to living again?
>>Can living things be turned into other living things?
>>Can living things be turned to non-living things?
>>Can non-living things be turned into other non-living things?
>>>Can inedible items be turned into edible items?
>>Can things only be changed into things of similar size and mass?
>>Can things only be changed into things of similar value?
>>>Is this an ethical thing, or can it literally not be done?
>Does this require a personal price to be paid?
>Who can learn this type of alchemy?
>>Do you have to be born with an aptitude for magic?
>Is it possible to learn this from a book, or does it require a teacher?

How easily can one get a hang of it?
>How difficult is it to master?

Are there any legal issues regarding alchemy or alchemial substances?

How do people learn about its existence?

How are alchemists viewed by the general public?

[A special thanks to @wayside88 for the assist]