There are usually three types of visible 'smoke' emitted from exhausts - all suggest problems.
Blue smoke = oil in the mixture. Usually from a worn engine with oil either getting down past the valve guides or up past the rings.
White smoke = either brake fluid in cars fitted with vacuum assistance (split diaphragm) or water (steam) entering via a leaking head gasket. Neither can happen in these cars as the brakes are not vacuum assisted and the engines are air cooled.
Black smoke = unburned fuel. Results in the engine running rich and is usually due to misadjustment of the carby - mixture incorrectly set, float not correct, wrong jets etc. A faulty fuel pump can also do this.
If the exhaust smells of petrol and you are blowing black smoke, check the carby first. It may just need a minor adjustment.
Chris
PS: Welcome to the list.