Internal Twitter Credentials Used in DNS Hack, Redirect
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Multi-Factor Authentication
(We're a Dynect customer too.)
My bank for example uses multi-factor authentication. Two of the three possible initial questions ask for a color. Let's see ... black, blue, yellow, green, red...
True multi-factor authentication involves a combination of something you know (eg, your password), something you have (your phone, a fob, etc.) and something you are (generally biometric things, which for obvious reasons haven't picked up too much).
Multiple security questions are just additional things-you-know, and as such, aren't multifactor.
My bank's website specifically calls it "multi-factor authentication", and I never bothered to double-check the term.
Your example sounds like two "something you know" factors, which is really just a more complex password.