"Leva" means "To be alive", while "Bo" means, "To reside/To live somewhere".
There used to be an English word several hundred years ago, buan, with the same meaning, but it fell out of use.
The English "board" is related to "bord" (table). "room and board" means the house provides meals as well as a bed.
I think bo, bor is supposed to be related to neighbour, also to byre, bower, booth, etc, in the sense of staying, existing, dwelling.
Can somebody explain me why I got correct? I heard "Varför då" and so I wrote it.. I got correct, but then as I looked at the transalation, there was "Where do you live?", so I was like What kind of Swedish phrase is this?! So I clicked on the comments section, and there was "Var bor du?" (_) such magic wth xD