Final answer:
Step 2: Formulate a hypothesis is the step in the scientific method that involves gathering information to identify variables for an experiment.
Step-by-step explanation:
The step in the scientific method that involves gathering information to identify five variables that might help with an experiment is Step 2: Formulate a hypothesis. After making observations, scientists generally begin an investigation by forming a hypothesis, which is a tentative explanation for the observations. This hypothesis serves as the basis for designing an experiment and identifying the independent and dependent variables, as well as any other variables that may influence the outcome.