Answer:
Lipids are hydrocarbon molecules that make up the structure of living beings. Few examples are fats, oils and waxes. Steroids are also a class of lipids but they are not structurally related to other lipids but do share some common properties with them. They are insoluble in water and are hydrophobic( water-repelling).
Explanation:
Lipids are insoluble in water as they are non-polar but soluble in non polar solvents (chloroform). Fat soluble vitamins like A,D,E,K and steroids have a different structure composed of fused four rings.
The most common example of steroid is cholesterol. Cholesterol acts as a precursor for many hormones and other signalling molecules.