Last days to take the SAT .. Dec ... Jan?

<p>I know the last day you can take the SAT for UC schools is in the December testing, but I noticed some other schools (Princeton, Cornell etc) allowed a January testing. Does taking the SAT in the last testing date affect your chances of admission?
I don't really understand how it works. So they recieve your application then don't judge it until after you take the exam?</p>