<!DOCTYPE html>
<html>
<head>
<title>Title of the document</title>
<script src="https://code.jquery.com/jquery-3.5.1.min.js" integrity="sha256-9/aliU8dGd2tb6OSsuzixeV4y/faTqgFtohetphbbj0=" crossorigin="anonymous"></script>
</head>
<body>
<select id="myselect">
<option value="1">One</option>
<option value="2">Two</option>
<option selected value="3">Three</option>
<option value="4">Four</option>
<option value="5">Five</option>
</select>
<script>
$(document).ready(function(){
var valSelected = $("#myselect option:selected").val();
var textSelected = $("#myselect option:selected").text();
alert(valSelected);
alert(textSelected);
});
</script>
</body>
</html>