Sounds like you are pretty new to the topic. Because it has never been easier. It was at least ten time worse / more difficult the last two decades. And this was despite there was always a lot of love, dedication and sofistication in emulation and retro gaming.
So to help you out a little. As far as I know until now, your ROM (.zip), bios (.zip) and your CHD (in a seperate folder, named exactly as the rom) go into the same folder. This folder is used by launchbox when importing the game(s). Then you choose retroarch as an emulator. This emulator is the best starting point, because it encompasses a lot of different emulators for the most common platforms. So you have about 6 mame cores (mame emulator versions) and 5 final burn alpha cores already at hand to test your game. So get retroarch running and you should be good to go on your game. Preferred cores would be mame, mame2016, mame2003, fba.
Now to versions. CHD version should not be that important. The rom needs to go with the chosen core. So you have to test this out a little. Do you have the correct bios file? If everything is set up correctly, then maybe the bios file isn't the correct one.