I am creating a survey that directs the respondents to two different sets of questions based on their response to a Yes/No question.  (If they answer Yes to the question, then they are presented with another 5 questions.  If they answer No, then they have only one more question to answer.)

Is this possible in TestCraft

Yes, and we call that Branching.  Branching is available in Testcraft version 6.0.  If you are on version 6.0, someone here would be happy to demonstrate this functionality to you.  Please just email us at support [at] testcraft.com and we can arrange that demonstration.