Early regular experience with dual-language management is thought to shape executive function (EF) circuitry during development. However, previous investigations of bilingual children's EF have largely focused on behavioral measures, or on cognitive aspects of EF. The first part of this study compared monolingual and bilingual preschoolers’ performance on more purely cognitive and more affective versions of a card-sort task, and the second part investigated Error-related negativity (ERN) event-related potential (ERP) waveforms to understand error-awareness mechanisms underlying task performance. Behavioral results showed bilingual advantages in reaction times but not accuracy, and interaction effects of language background, level of challenge, and affective/motivational salience on reaction times. Electrophysiological results revealed smaller ERN peak amplitudes in bilinguals compared to monolinguals in frontal and frontocentral midline regions. Results highlight that bilingualism may shape motivational mechanisms and neural learning mechanisms such as error-detection, such that bilinguals may be less focused on their errors.