Technically, any phrase with "as ... as" in it should be a comparison, like:
"as much as"
"as courageous as"
But "as well as" has entered common english usage (not necessarily correctly!) more generally, and is roughly equivalent to "in addition to"
"I'm taking the GRE as well as the GMAT"
"I'm taking the GRE in addition to the GMAT"
I can't recall ever seeing a GMAT SC question that explicitly tests "as well as," but since it has a technical meaning ("I'm doing as well on the GRE as I am on the GMAT") that isn't 100% clear, I'd look for alternatives.