Hi makenzi.exc,
On DropDown change, use the find method to get the selected option.
After that use the text and val method to retrieve the value.
Refer below example.
HTML
<html>
<head>
    <meta charset="utf-8" />
    <title></title>
    <style type="text/css">
        body { font-family: Arial; font-size: 10pt; }
    </style>
</head>
<body>
    Select Fruit:
    <select id="ddlFruits" name="Fruit">
        <option value="">Select</option>
        <option value="1">Apple</option>
        <option value="2">Mango</option>
        <option value="3">Orange</option>
    </select>
    <hr />
    <script type="text/javascript" src="https://cdnjs.cloudflare.com/ajax/libs/jquery/3.7.1/jquery.min.js"></script>
    <script type="text/javascript">
        $(function () {
            $("#ddlFruits").change(function () {
                // Referencing Selected Option.
                var selectedOption = $(this).find("option:selected");
                // Referencing Selected Text.
                var selectedText = selectedOption.text();
                // Referencing Selected Value.
                var selectedValue = selectedOption.val();
                alert("Selected\nText: " + selectedText + "\nValue: " + selectedValue);
            });
        });
    </script>
</body>
</html>
 
Demo
Screenshot

 
Downloads
Download Sample