Final answer:
Lipid-soluble hormones enter the cell and bind to intracellular receptors to regulate gene transcription, while water-soluble hormones bind to cell membrane receptors and activate signaling pathways involving second messengers.
Step-by-step explanation:
Lipid-soluble hormones can enter the cell by diffusing across the plasma membrane and bind to intracellular receptors in the cytoplasm or nucleus. Once bound, they regulate gene transcription and induce production of proteins that affect the long-term structure and function of the cell. On the other hand, water-soluble hormones bind to receptors on the cell membrane surface, triggering a signaling pathway. This pathway involves the activation of second messengers like cyclic AMP (cAMP) and protein kinases, leading to changes in cell activities such as altered membrane permeability and activation/inhibition of enzymes.