re: My daughter has been asked to take the ACTs/SATs (slight brag)

I took the SAT at age ten (true story), it was explained to me was a way to get some sense of how far along I was in education rather than just an IQ test. There are kids who are quite bright but don't have the education yet to be ready for college.

For example, there are certain geometry problems that are trivially easy if you know the technique but impossible if you don't. Someone who scores well on an IQ test but never studied Geometry wouldn't do much better than random chance on that section.