Directly, bits can only be checked for the first few bytes b0, b1, and maybe b2, b3 (exact number depends upon the PICAXE chip. See PICAXE Manual 2 page 10.
If you want to set a bit in any other variable then you need to use an OR command
like LET b5 = b5 OR %00100000 will set bit 5 in byte variable b5
to test if a bit is set you can use the AND command
b6 = b5 AND %00100000
then you can test by
IF b6 = 0 then . . . bit5 in b5 was 0
IF b6 <> 0 then bit5 in b5 was 1
or
IF b6 =%00100000 then bit5 in b5 was 1
Far easier to use the bits in the lower byte/word variables for bit manipulation in many cases