The teacher told the students to invent a story to go with the picture in their notebooks, and then continue with their exercises. She said they could all omit exercise 5.

Replace the underlined words in the above paragraph with suitable phrasal verbs (in correct sequence):

make up, carry on, leave out.

The teacher told the students to make up a story to go with the picture in their notebooks, and then carry on with their exercises. She said they could all leave out exercise 5.

This is the most logical and grammatically correct sequence of phrasal verbs. The teacher is telling the students to create a story (make up), continue with their work (carry on), and skip exercise 5 (leave out).