First of all, thanks for reading this. As a candidate applying for a PM position at fulll, we want to evaluate your skills, your capabilities to define a story / a backlog. We don't want to take too much time, as we know you can do this kind of exercise several times during your hiring journey.
Our requirement is to evaluate your method, your way to shape and think, and not necessarly the content it self.
Put effort on what you consider important, relevant and what will allow us to get your main skills.