Answer: Both require time, but velocity requires displacement and speed requires distance.
Explanation:
Speed is a scalar quantity. It is the ration of distance and time interval.
Distance is the total path covered by a body.
Velocity is a vector quantity. Other than magnitude, direction is important to calculate velocity. It is the ratio of displacement and time interval. Displacement = final position - initial position.
Thus for calculation, both velocity and speed require time. Velocity requires displacement and speed required distance.