I have the corporate version. It's the same as the free version but you have a domain and can add and remove your own accounts.
Authentication factors: What you know, what you have, what you are.
What you know: a password
What you have: a cell phone
What you are: a fingerprint
Two elements from "what you know" is only single factor authentication. For two factor authentication, you need elements from two categories.
So, your password and your high school mascot is only single-factor authentication because both are from the "what you know" category.
A password plus the six digits from Google Authenticator is two factors: what you know (password) and what you have (a cell phone running Google Authenticator with the appropriate encryption key).