/*
<select name="payment" id="selectList">
<option value="1">Visa</option>
<option value="2">Mastercard</option>
<option value="3">American Express</option>
<option value="4">JCB</option>
</select>
*/
$('#selectList').val();
// returns value of options 1, 2, 3, or 4
$('#selectList :selected').text()
// returns text of options Visa, Mastercard, if selected
// multiple select:
var sel = [];
$('#multiple :selected').each(function(i, selected) {
sel[i] = $(selected).text();
});