Hi shobhitkh,
As part of your Exam Fee for the GMAT, you are entitled to select up to 5 Schools to receive access to your Official Score Report. However, you have to select those Schools while you are at the Test Facility on the day of your Exam. You can always 'cancel' your Score though - and the Schools that you select will not receive a Report (nor will they know that you ever took the Exam on that date).
Regardless of whether you select 5 Schools or not, if you choose to send the Official Score Report later on, then you will have to contact GMAC (through your online account) and select the Schools that you want to have access to your Report; each Report requires that you pay a fee though (currently that fee is $28/School) - so you can potentially save some money by selecting 5 Schools on Test Day.
GMAT assassins aren't born, they're made,
Rich