Intelligent Quotient: Is this overated or underated?

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Intelligent quotient or IQ for short, is a measure of a person’s reasoning ability. It is supposed to gauge how well someone can use information and logic to answer questions or make predictions. IQ tests begin to assess this by measuring short- and long-term memory. They also measure how well people can solve puzzles and recall information they’ve heard — and how quickly.

The ability to recall information if regarded as IQ is overated, what is your take?