IQ tests are normed by age so unless your child has been kept in a cupboard he should have no less life experience than any other kid his age and will be scored on a curve based on other kids that age - someone has to be at the top end.

On the other hand some of the screening tests they use are based in quite random knowledge from what I've heard so maybe that us what the teacher was referring to. I have read heaps of threads and it seems relatively uncommon for the school to test in K unless there is a problem or they have a gifted programme starting in 1st. Programmes starting in 3rd or not existing seem to be more common though.