These switches get added when you run through the SME Config wizard, then the Backup Wizard. One of the steps in setting up new Backup Wizard is "do you want to truncate the logs after backup".
One of the final steps in that wizard has a little button on the bottom right that says " SET Schedule". Click that to define if this is the Daily, Weekly, or Monthly job. That will then create a "Scheduled Task Job" for it. When you edit the Scheduled Job is when you can see the output like you have above, that has each step that will be performed. I am not sure if you can manually edit those lines, or if you need to restep through the Backup Wizard to select the correct options.
Daily is @11pm every 1 week on Mon-Sat only, not Sunday.
Weekly is @ 11pm every 1 week on Sunday only
Monthly is @ 10:59 the first Sunday of the month
Now finish that single backup job and repeat wizard for the daily, weekly, monthly.