Based on studies of normal cognition, a schema of sequential stage information transactions is used to organize and evaluate relevant findings on schizophrenic performance. Principal stages include precategorical processing, short term or working memory, and long term memory. Difficulties associated with both structural aspects and information extraction aspects of precategorical processing are presented. Assessment of short term and long term memory performance agreed with earlier observations of certain "strengths" but with elaboration as to specific points where changes in requirements appear to have perturbing effects. Throughout the text, a number of outstanding research questions are noted and described.