The Gen Ed list under semesters says that there is only a foreign language requirement for those wishing to specialize in International Business. http://www.fisher.osu.edu/supplement..._Semesters.pdf
At my orientation three years ago, every student took a foreign language placement test as part of the day's activities, but for me, as a current business student, the credit I earned in Spanish doesn't count for anything beyond credit toward graduation.
I would still take the placement test- many other majors require foreign language courses, and so if you switch from business to something else, having credit for a few courses is to your advantage.
If you do poorly, there are no repercussions. You just get less credit. Don't worry about it, it really is a low-pressure test.