Which implies that it's a sort-of IQ test with a very low ceiling. I say "sort of" IQ test because it measures knowledge that no one is born with (e.g. vocabulary, geometry) as much as stuff that's more innate (e.g. the ability to see relationships).
I think of tests like the SAT and GRE as being very good discriminators of averageness.
99% of SAT scores on each of the Critical Reading, Math, or Writing sections are below 780
http://media.collegeboard.com/digitalServices/pdf/SAT-Percentile_Ranks_2011.pdf , which means that someone scoring 780 or higher is in the top 1%, which cannot fairly be described as average or slightly above average.