Well, yes and yes.
First would be to make it a 120v panel, jumping the hot to both lugs. Works fine as long as you don't need 240v. Wire as a sub-panel, with ground and neutral separated.
Second would be as a 240v. feed, using the bare as a combined neutral/EGC, as in the main panel, and the neutral/ground jumper used.
This requires no other conductive pathway (water pipe, coax-cable shield, etc.) between structures, as well as a driven ground at the shed.
