Final answer:
To initiate IPython, type 'ipython' in the terminal and press Enter. To exit, type 'exit' or use 'Ctrl+D' and then confirm exit if prompted.
Step-by-step explanation:
To initiate IPython in the terminal, you would open your terminal window and type the command ipython and press Enter. This will launch the IPython interactive shell.
The prompt will change to indicate that you are now in the IPython environment, usually with the prefix In [1]:.
Once you are done working in IPython and want to exit, you can do so by typing the command exit or using the shortcut Ctrl+D.
IPython will ask you to confirm if you want to exit if you have any unsaved work. Upon confirming, you will be returned to the standard command line interface of your operating system.