How do I use cond format formula to set cell text and color?

Using MS Excel 2003:

As and example, I entered into Conditional Format for cell B1:
"Formula is", IF(A1="","Test",""). For true condition, the format is set to
fill Yellow and font color red.

I'm expecting cell B1 to display, "Test" in red text with yellow background
when A1 is blank, but it does not work. No errors are displayed. Any ideas?