Applying to university or business school you will need to prepare transcript (for international students and not only for them). Sometimes for transcript composing you just need to fill in on-line transcript form, sometimes you have to upload translated transcript on the web-site where you apply to school.

Transcript is an inventory of the courses taken and grades earned of a student throughout a course. In other words, considering MBA admission process, a transcript is a sealed document containing a record of all the courses taken by a student by term in the MBA Program along with his/her final grades and the degree received, if applicable. To ensure the confidentiality of these records, requests must be made in writing bearing the student's signature for verification.

United States
In United States education a transcript refers to a copy of a student's permanent academic record which usually means all courses taken, all grades received, all honors received and degrees conferred to a student. A transcript may also contain the number of people in a class, and the average grade of the class. An official transcript is prepared and sent by the issuing school (usually by the Student Registry or an equivalent) with an original signature of a school official. When students are thinking about changing schools, the cumulative transcripts usually get mailed from school to school. Transcripts usually consist from grade 9-12 when applying to colleges.

European Union
In the European ECTS system, transcripts are called Transcript of Records (ToR), and are used to document the performance of a student over a certain period of time by listing the course units or modules taken, the credits gained, and the grades awarded. The Transcript of Records provides a standard format for recording all study activities carried out by students. It is an essential tool for academic recognition.

Usage in academic transfer
The ECTS Transcript of Records preferably includes, along with the local grades, the ECTS grades of the student. It is used for mobile students at two separate moments. First it must be issued and sent to the host institution by the home institution for all outgoing students before their departure in order to provide information about the course units/modules that they already have completed and the results obtained. Secondly it must be issued and sent by the host institution to the home institution for all incoming students at the end of their period of study.

Source: wikipedia.org