"Hello, what is your name?"
Translation:Szia, mi a neved?
Literally, they mean something like "How do they call you?" and "What is your name?", so they're both phrases used to inquire after a name.
Yes, it does. Usually it's used as a semi-formal greeting, for example when you are allowed to address an older person informally. "Szia" and especially "helló" can sound disrespectful in that case.
are both of the solutions typical in everyday speech, or is one for or less formal than the other?
Which solutions do you mean? "Szia" and "helló"? Both are equally informal greetings.
shamarth, alas, i think i am confusing myself. i will have to go through the lessons again and find out what i was referring to. in the meantime, thanks for asking! and thanks for your attempt at my unclear question!
Not only so, but it's used for both "hello" and "goodby." That gives native English speakers a jolt.