Download and install an open-source program called Cerebral Imprint. It's free to users and is a basic application that creates flash cards. You can import the flash card content from a text file or enter it directly. In addition to the flash card format, the program also provides multiple choice and fill in the blank options. The application provides a virtual test that you can do on your computer.
Purchase iFlash, a virtual flash card application for the Mac. Download a free trial to test it out or buy it online for $14.95. iFlash allow you to use not only text for flash cards, but images and audio files as well. This can be especially useful for studying a language, for instance. You can record audio directly through iFlash. Other features include multiple card sides---for example, one word would have a card side for a definition and another for a part of speech---the ability to import and export text, and flash card flagging to help you tackle difficult cards. Use iFlash on your computer or print out the flash cards.
Purchase Mental Case, another option to create flash cards on your Mac. A free trial is available for download or you can purchase the full program for $29.99. Mental Case is similar to iFlash, with a variety of features. It will let you enter text directly and insert images from a file or screenshot. Print out your flash cards or transfer them to an iPhone or iPod. There is a built-in camera called iSight that allows you to capture a word or image from a book.