GMAT vs. GRE - Which test to take when applying for business school?

Recently, some business schools have decided to accept either the GMAT (Graduate Management Admission Test) or the GRE (Graduate Record Examination) score of an MBA applicant. Compared to the GMAT which is traditionally taken by those applying to business schools, the GRE is generally taken by those interested in pursuing non-business graduate level degrees. It is acceptable for disciplines ranging from Engineering to Philosophy to Education or International Affairs, to name just a few.