It is a test of intelligence clearly, because the more intelligent you are the better you are able to perform, but thats not to say that the format isnt designed in such a way that you can prepare and improve your score. If you had a test population of x number of people who knew nothing about it, and they each had the same amount of time to prepare, then it would give you a good representation of their respective intelligence. Unfortunately that's not the situation with admissions in reality, even though it can be argued that it is