Large Language Models (LLMs) have shown remarkable abilities recently, including passing advanced professional exams and demanding benchmark tests. This performance has led many to suggest that they are close to achieving humanlike or 'true' understanding of language, and even Artificial General Intelligence (AGI). Here, we provide a new open-source benchmark that can assess semantic abilities of LLMs using two-word phrases using a task that can be performed relatively easily by humans without advanced training. Combining multiple words into a single concept is a fundamental aspect of human language and intelligence. The test requires meaningfulness judgments of 1768 noun-noun combinations that have been rated as meaningful (e.g., baby boy) or not meaningful (e.g., goat sky). by 150 human raters. We provide versions of the task that probe meaningfulness ratings on a 0-4 scale as well as binary judgments. We conducted a series of experiments using the TWT on GPT-4, GPT-3.5, and Bard, with both versions. Results demonstrated that, compared to humans, all models perform poorly at rating meaningfulness of these phrases. GPT-3.5 and Bard are also unable to make binary discriminations between sensible and nonsense phrases as making sense. GPT-4 makes a substantial improvement in binary discrimination of combinatorial phrases but is still significantly worse than human performance. The TWT can be used to understand the limitations and weaknesses of current LLMs, and potentially improve them. The test also reminds us that caution is warranted in attributing 'true understanding' or AGI to LLMs. TWT is available at: https://github.com/NickRiccardi/two-word-test
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