Hit the nail on the head. I would like to add one point though - it's not just the unanswered questions, one sometimes doesn't even know which questions are unanswered.
Typically, up until a Ph.D - you are given a question and then asked for an answer which more often than not exists. Suddenly, in a Ph.D - not only do you not know the answer, you don't know the question too. The craft to come up with an important question, create a well-defined scope and then answer the question from different perspectives is the heart of a Ph.D program. The true skill is the ability to "learn to learn". The transferrable skill is to probe around for questions which are important, define them and then go ahead to answer them.