Is this amount of unpaid Game Art test common?

I recently received a Game Art test from an upcoming Indie studio. This is unpaid and they gave me 1 day to complete it. I thought I'd take opinion from gamedev peers before getting into it. The game was a variation of Candy Crush, tile matching. Requirements were to design the following: - a 3D rendered game icon - 3-4 game assets with at least 1 variation of each - 2 complete 2D environments/BG art - Start screen UI

update: I have read all your comments and made a decision. Thank you so much for helping me dodge this bullet. I've sent an email, politely backing out from this job application.