Why you should name types?

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On this subject, I am curious as to when checking against types, does it eat up memory or anything the amount of different for/next associations you create...

what I mean is, imagine I have a type for a player bulleet.

at one point, when fire is pressed, I make the new bullets so I use

MyNewBullet.Bullet=New Bullet

Then, later in the program I want all my bullets that have been fired to move, so I use something like

For MoveBullets.Bullet = Each Bullet

Then I wish to check if my bullets have run out of range, hit an enemy or a wall etc. so I check again with another For/Next

For COllisionBullet.Bullet = Each Bullet

Of course each iteration will take time, but are there any other bad points with this?

Is it possible to use the same label each time (DoSOmethingWithBullet.Bullet) or do everything related to that type in the one for/next loop???)