Well, yes, Karma, but the problem is like I said. Intelligence is not about knowledge, as per your definition.
One needs not to be intelligent to know something. You can basically give knowledge to any monkey through repetition. Repeat 1000 times 2+2=4 to anybody and he'll end up knowing it. But an more intelligent person may need to hear it only once or twice to know it forever.
Your last paragraph basically says that having a high IQ means you are more intelligent (having a great ability to understand and learn).
But as I said previously, I don't quite agree with that either. IQ tests don't cover some more pratical types of intelligence , only the academic kind. For example, intelligence is also about learning from experience (the last time I did this I got hurt, so I won't do it again), about logical thinking and its consequences (if in a recipe, I use 1/2 cup of sugar, 1/2 cup of honey and 1/2 cup of strawberry jam, I'm gonna end up with something really sweet). Intelligence is also about real life situations and dealling with them with success, not just about being able to solve a puzzle on a piece of paper.
IQ test don't measure practical intelligence, only academic intelligence (theory).