Depends on your prep work.
If you want satin or gloss.
The type of lacquer - they're not all the same.
Satin, unprepped, one shot is all ya need. It wont last and will look funky really quick, but some folks like that.
When you prep - sand to baby's butt smooth, then you're also probably gonna do gloss and more coats, so you can level that, and still buff it.
Too thick - and you get bubblegum. The key is shrinking in, before you level, and sometimes that takes a lot of light coats.