neon is correct, though may I add a little more.
Some BIOSes will read the device and see what is already there. For example, if there is a FAT BPB that describes a 1.44meg floppy, the BIOS will use that emulation. If there is a FAT BPB that describes a hard disk drive, it will use a hard disk emulation.
If it doesn't recognize the media format, it may guess. However, more times than not, it will take the fail option.
There is not a standard to what the USB emulation must do, so it is up to the BIOS manufacturer to do as they wish.
Why no standard? The BIOS (firmware) manufacturers are trying to get away from the Legacy system. Why create a standard for something that is more than 20 years old?
With numerous tests, myself and others, the findings are that to be mostly compatible, make sure the USB thumb drive is formatted with a valid FAT file system, either as a 1.44meg floppy or a "smallish" hard drive image. The 1.44meg floppy image *must not* have a MBR and the hard drive image most likely must have a MBR.
Ben
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http://www.fysnet.net/the_universal_serial_bus.htm