Standard curve of absorption and concentration
Supposed that Yellow Dye #5 refers to the FD&amp;C numbering, this is a food colorant more known as tartrazine outside the U.S.

A standard curve correlates absorbance at a particular wavelength with the concentration of the dye.

Supposed that no distortion (e.g. due to aggregation effects) is present, the relation is given by the Lambert-Beer law: $$E_\lambda = \epsilon_\lambda \cdot c \cdot d$$

where $E_\lambda$ is the absorbance, $\epsilon_\lambda$ is the molar absorption coefficient (specific for a particular dye at a particular wavelength $\lambda$ in a certain solvent), $c$ is the concentration of the dye and $d$ is the path length of the cuvette. Please pay attention to the units in your calculations! 

In order to create a standard curve, 


Record the uv spectrum of the stock solution. If you have two-channel spectrometer, put a second cuvette with the neat solvent in that channel.
Get a couple of volumetric flasks and dilute the stock solution.
Record the uv spectra for each of these solutions.
Plot absorbance (probably at around 420 nm) vs concentration.