Work problems: it will help build intuition and force you to learn the more important results since these are likely the ones you'll use in your proofs. Unless you feel you're behind, I wouldn't waste time trying to memorize definitions and theorems.
If you can, study theorems and exercises that are far more advanced than what will be on the test (though still in the same subject area). That's likely to be quite a bit more fun. And when it comes time to review for the test you'll feel like you're just flying right on through compared to the more difficult material you've been working on independently. If the material is already challenging enough, then that might not be doable. But if you feel the material is comfortably at your level, then going above and beyond it to get an edge can be exciting and productive :-)
It helps to have the material down conceptually. Because most math is the same up to a certain level, with new concepts being introduced. For example, the power rule for calc 1. Its simply and mostly, just Algebra. Another example is Gauss Jordan elimination, just multiplication, adding and subtracting, but you need to know how to apply it. Its my take on learning new material, and has helped me greatly.