^ Yeah, basically.
The word "intelligence" is used in many ways.
Sometimes it is used to describe the retention of knowledge, in the form of facts, memories of experiences, etc. (crystalline intelligence).
Sometimes it describes the ability to make observations and apply those newfound concepts in solving a problem (fluid intelligence).
You can tease apart that second definition into two subcategories of quantitative measure of fluid intelligence, as far as I can tell. You can measure intelligence as the efficiency, or speed, by which someone solves a certain class of problem. Or, you could measure the point at which the complexity of a problem renders them incapable of finding a solution.
I know next to nothing of modern intelligence tests, though, so those are just my own observations.