Since the base is a circle and $r = 2$ cm, its area is:
$$ B = \pi r^2 = \pi \times (2 \text{ cm})^2 = 4\pi \text{ cm}^2 $$
Given that $h = 5$ cm, the volume of the cylinder is:
$$ V = B \times h = 4\pi \text{ cm}^2 \times 5 \text{ cm} = 20\pi \text{ cm}^3 $$
Approximating $\pi \approx 3.14$:
$$ V \approx 20 \times 3.14 \approx 62.8 \text{ cm}^3 $$
Thus, the volume of this cylinder is around $ 62.8 \text{ cm}^3 $.