well if you are as young as I think you are, then you probably have no real expirence with carb'ed vehicles. Welcome to the stone age with your first real out the exhaust backfire.
Exhaust back fires (as opposed to carb backfires or intake backfires) are usually caused by an overabundance of unburnt fuel in the exhaust or a rich condition.
First I would check your plugs. Chances are they are fouled and you are not getting complete combustion, hence a buildup of unburned fuel.
If the plugs are not fouled then I would check the timing, it may have slipped and advanced. On the 650s they use a pulse controlled ignition and IIRC if one of the controllers goes bad the spark will be weak or inconsistent and you will get backfires.
If the plugs are fouled then I would check the carbs over. Perhaps your idle mixture is too rich and with the choke the bike is loading up with fuel.