tolerance - Can a 10% resistor be used as a 1% resistor?

If my schematic calls for a 1% resistor, can I use a 10% resistor that measures to the correct resistance within 1% or is there some quality to tolerance beyond what it measures Ohm-wise?

For example, my schematic calls for a 1% 1000-Ohm resistor. I have a 1000-Ohm resistor with a silver band (10%). I measure the resistor using an Ohm-meter and it reads 1008 Ohms which is within 1% of 1000. Can I use the resistor and meet the designer's intent?

Answer

Resistors based on carbon tend to have quite more noise (there are a number of noise types apart from basic thermal noise). So you usually don't want them in an audio circuit even if the accuracy itself may not be much of an issue.