A project was conducted to develop a valid, competency-referenced test on the core competencies identified for the Missouri Fundamentals of Marketing curriculum. During the project: (1) multiple-choice test items based on the core competencies in the Fundamentals of Marketing curriculum were developed; (2) instructions for onsite administration of the test were written; (3) a field test was conducted; (4) the test was given statewide; and (5) analyses were performed on the data obtained. Evaluation showed that the test instrument adequately assesses students' mastery of the core competencies within the Fundamentals of Marketing curriculum and that a majority of the test items developed for the test have statistical adequacy. The final product of the project is a 121-item test that correlates to the Fundamentals of Marketing core competencies. Recommendations were made for all marketing education programs in the state to participate in the testing and for a test bank of questions to be developed. (Appendixes include the test, project correspondence, results from participating schools, and certificates of achievement and participation.) (KC)