Hiya Zipper,
I've heard some bad things about frames where SEO is concerned and that things don't always get picked up by the search engines because it's not completely a full page but it's sectioned out. This (I'm assuming totally here) would probably be because there is no connection on the page to your questions and their answers as they aren't on the same page. Makes search engines think your page isn't complete I guess? Not sure the full aspects of what is wrong with them, but I think that has something to do with it.
There are ways around this if you want to check out some of the already setup themes with the separate navigation area or a blank layout in the HTML Editor. These would already be setup for the style of menu basically that you need for what you're trying to do. This would keep your menu in a separate section basically the same as a frame would. Normal navigation menus like this would need to be copied to each page (unless you use the SSI mentioned by Inger) but since this is a one page system there's no need for that part so it should be pretty straight forward to setup for FAQ.
From here you just create anchor tags for the questions to the answers so it goes up and down the page for you. Create a "back to top" type anchor after your answers to take people back to the top where the questions are and that would take care of the whole thing.
Hope that makes sense and if not please let me know, and definitely if you need assistance with this keep asking