Well, there's lot of ways, but it really depends on how big the piece of wood is, and how accurate your cuts are. If it's a small piece (1*6*X) then a miter saw or chop saw is fine. If it's a big piece (20"*40" of MDF at 3/4") then you can roll table saw however, if you have any sides that aren't even it becomes hard to use the fence.
SO what @shponglefan said is pretty much the go to method. Attache a guide along the exact measurement you need and flush trim bit cut it.