Abstract: A utility knife suitable for use both as a knife and a sheet cutter includes a casing for securing a blade having cutting edges on opposing sides. The casing includes a gathering finger extending from one side of the casing and spaced from a side of the casing to define a guideway leading to an exposed first edge of the blade for cutting sheet material. The finger is disposed in a spaced manner over the first edge of the blade to prevent inadvertent contact with the blade. A second opposite edge of the blade extends out of the opposite side of the casing to expose a forward portion of the blade for more conventional use as a knife. The blade is manually movable to a retracted portion wherein the blade's second edge is disposed within the casing.