What Does Quotation Mean?

A The official definition of a quotation or quote is the repetition of one expression as part of another one, particularly when the quoted expression is well-known or explicitly attributed by citation to its original source and it is indicated by, or punctuated with, quotation marks. A quotation can also refer to the repeated use of units of any other form of expression, especially parts of artistic works, elements of a painting, scenes from a movie or sections from a musical composition. Put simply a quotation is a phrase or sentence used by someone at a certain period of time.
Quotations are used for a variety of reasons, either to illuminate the meaning or to support the arguments of the work in which it is being quoted, to provide direct information about the work being quoted, whether in order to discuss it, positively or negatively, to pay homage to the original work or author, to make the user of the quotation seem well-read and to comply with copyright law. Quotations are also commonly printed as a means of inspiration and to invoke philosophical thoughts from the reader.
The term quote or quotation is also used for one party giving an estimated price to a customer for work which is to be carried out, for example, the price to fix your storm drain is $500. So the quote for the job is $500.

A quotation is the noun form of the verb 'to quote.' Broadly speaking, the word quotation has two meanings. The first is a clear reference to a passage, an artistic work or a content of a famous work. Usually while quoting, a person puts her statement in brackets or in italics to mark them as special. When you are quoting a line from a famous author or a movie, you are giving the source a 'credit.' Quotation has other synonyms like 'acknowledgement,' 'reference,' and citation.

The second meaning of quotation is used often in commercial parlance. Quotation here refers to the statement of the cost of a good or the market price of a commodity or a security.