Acronyms can really obviously narrow your message sensors

Python 3, 89

Saved a bunch of bytes thanks to SOPython.

a=input().lower()
d=input().lower().split()
h=tuple(a)==next(zip(*d))
print(h,h&(a in d))

The most complicated part of this solution is h=tuple(a)==next(zip(*d)).
This unpacks the list d into zip and then calls next to return a tuple of the first element of each iterable passed into zip which is then compared against a tuple of each letter in a (tuple(a)).

Pyth, 19 18

&pqJrz0hCKcrw0)}JK

This prints the result in a rather odd format, like: TrueFalse.

You can try it online or run the Test Suite.

Explanation:

&pqJrz0hCKcrw0)}JK      :
    rz0    rw0          : read two lines of input, and convert each to lower case
          c   )         : chop the second input on whitespace
   J     K              : store the first line in J and the chopped second line in K
  q    hC               : zip K and take the first element, check if it is the same as J
 p                      : print and return this value
&              }JK      : and the value with whether J is in K, implicit print

CJam, 21 20 bytes

qeuN/)S/_:c2$s=_p*&,

Try this fiddle in the CJam interpreter or verify all test cases at once.

How it works

qeu                  e# Read from STDIN and convert to uppercase.
   N/                e# Split at linenfeeds.
     )S/             e# Pop the second line form the array.
      S/             e# Split it at spaces.
        _:c          e# Push a copy and keep on the initial of each word.
           2$s       e# Push a copy of the line array and flatten it.
                     e# This pushes the first line.
              =      e# Check for equality.
               _p    e# Print a copy of the resulting Boolean.
                 *   e# Repeat the word array 1 or 0 times.
                  &  e# Intersect the result with the line array.
                   , e# Push the length of the result (1 or 0).