The study aims to investigate teachers' and students' perspectives of how "the formative use of summative test" (i.e., test preparation) may impact student's performance in internal school tests and develop self-regulated learning. It also examines the relationship between formative and summative assessment, especially how they could create productive synergies. Two teachers and 14 Grades 2 and 3 students were interviewed before and after the use of test preparation strategies. Classroom observations were conducted to understand how these strategies helped students to monitor their own learning before the internal school tests. Relevant pre-test instructional materials were also analyzed. Findings suggest that the reported test preparation strategies could enhance student performance and promote modest self-regulated learning. Implications for teachers to adopt pre-test preparation strategies are discussed.