SMFA competitions are the SMFA Cup (their version of the Champions League) and SMFA Shield (their version of the Europa League). There is also the SMFA Super Cup which I don't think needs any explanation. All of those require Gold in order to manage them, or the assistant takes control.
Normal league competitions (which don't require Gold) are the Cup (their version of our FA Cup), the Shield (their version of our Carling Cup) and the Charity Shield (their version of our Charity Shield).
See my edit above.
Don't pay for gold unless you get into European competition then. The international management seems shit and a bit pointless, and who the feck wants to manage twelve teams?!