Yes, it's called cramming. Students cram for tests for a variety of reasons. Perhaps they're too busy with other activities to study regularly, or they're just plain lazy and put it off to the last minute in favor of playing video games or hanging out with friends. Either way, students who cram for tests put themselves into the difficult situation of not being as prepared as they should be, and in all likelihood, they won't do as well as they should on tests if they'd studied the "right way."
Just think if you try to stuff 50 people into a Volkswagen Beetle — can't be done, right? That's what cramming is like: Trying to stuff a whole lot of information into your brain in a very short time period. Your brain just isn't designed for that kind of learning. While you may retain some of that knowledge for the test, you'll be amazed at how much information you will forget just a few hours after your cramming session. And, most likely, you'll end up forgetting most of it eventually, which certainly won't help you with your bigger comprehensive tests, like midterms and finals.