Forming up is the process of getting outside and standing in formation, ready to move to the next place. For right now, it's breakfast. All meals in boot camp are referred to as "chow." This is morning chow. You are formed up in the correct order, rifles in hand, and you are ready to march to the chow hall.
This isn't a leisurely walk though, this is a chance to practice drill. The drill instructors call the commands, and you execute. Depending on how early in the process of learning drill you are, you could be marching at a snail's pace, your foot hitting the ground only when the drill instructor allows it. You eventually get to the chow hall, you stack your rifles outside, since they don't go in, and get in line. You leave a couple of guards on the rifles, who will have a chance to eat when the first two in your platoon come out.
While waiting in line for the chow hall, you will study your knowledge. Knowledge is just the word that the Marines use to describe any of the things that will be on the tests. This can be history, land navigation, first aid, marksmanship, drill, uniforms, customs and courtesies, or rank structure. This is usually done at top volume, with the drill instructor shouting the question, and the recruits shouting the answer. For example, the answer to "Two Marines, two medals," is "Dan Daly, Smedley Butler Ma'am!" at top volume. The question is looking for the two Marines who have been awarded the Medal of Honor twice. The answer will be shouted at top volume, or it will be shouted again.
Eventually you get inside, get your food, and sit down to eat. You eat as fast as possible without choking, since the drill instructor is yelling at you to get out. There is no time here for butter on toast. If you want butter on your toast, you stuff the toast in your mouth, then stuff a pat of butter in after it. You finish eating and go back outside to pick up your gear.