Will i need a new itunes account if i restore my iphone to factory set?

Will i need a new itunes account if i restore my iphone to factory set?

Obviously yes. If it has ios7 and find my iphone turned on. You will need the password to the apple id. Otherwise you can't access the phone.

No. But in order to restore the phone you had better know the password to the Apple ID otherwise you can't get back into the phone. It's a feature with IOS7. You can simply sign right back into your Apple ID when the phone is up and running again.

An Apple ID is your itunes store account, is your icloud account. Sure you can make a new one but you will lose all of your icloud and itunes content if you do. Better to simply keep your existing account.