Hi Moon,
If the black lever is located upward [towards the tank] the choke is on, if the lever is in the middle the choke is partly on, and all the way down the choke is completly off [running position]. The low speed air/fuel screw is located under the bottom front [screw in gently until it bottoms out, turn screw back out 1 turn]. The screw you have circled is the idle adjustment screw, turn in until idle is good [approx 1200 RPMs].
If you didn't buy the carburetor from me, it probally isn't totally correct for the Whizzer motor. A lot of 26 MM carburetors have been sold [from $65.00 to $75.00]and some work OK, and some are real problems. It has to do with the cut in the slide, the pilot jet, the main jet, and the needle jet. I will try to help as much as possible to help you make it work correctly.
One thing you need to change right away is the spacer between the carburetor & the cylinder. The spacer you are using will not stop the cylinder heat from boiling the gas in the carburetor float bowl. You either need to use more spacers & gaskets or order the new aluminum manifold kit from a Whizzer dealer.
Hope this helps.
Have fun,
Quenton