FAQ is an acronym for Frequently Asked Questions. It is also sometimes used as the singular Frequently Asked Question (Although when was the last time you heard only one question?). Some have called it Frequently Answered Questions as well. This isn't necessarily correct, but it isn't necessarily wrong either. It effectively has the same meaning.
Sample question number 1
A compilation of Frequently Asked Questions (and their answers) is referred to as a FAQ list or FAQ article. Sometimes the term FAQ itself is used to refer to the article - as an example, I refer to this article as a FAQ about FAQs. The term FAQ has a meaning of its own that could almost qualify it as a word of its own. Sometimes, FAQs are full of answers. Other times they are policy statements for USENET groups, without the Question and Answer format that is popular. FAQs fall into the realm of articles called "Periodic Postings". In addition to FAQs, other articles or compilations of information are posted and/or archived.
Sample question number 2
FAQs are compilations of information which are [usually] the result of certain questions constantly being asked (posted) in a newsgroup - hence the name FAQ (Frequently Asked Questions). It seems that those who frequent USENET are a polite bunch. In my house, the "frequently asked questions" that my three rug rats come up with are usually referred to as stupid questions or pestering. There is a lesson to be learned from this... before asking a question in a newsgroup or mailing list, make sure that you've checked out the appropriate FAQs. A frequently asked question can be a stupid question if the answer is posted right in front of your face in one or more FAQs. Sometimes a FAQ or periodic posting is compiled as a result of extensive research on a specific subject. A convenient way to share the information with others is by posting the article. In this case, the article might not really be a FAQ - that is, it isn't necessarily based on frequently asked questions. However, the term FAQ is sometimes used as a catch all term for articles, periodic postings, compilations, etc.