Traditionally quote is the verb and quotation the noun: you quote someone, and the result is a quotation. Quote as a noun — "a famous quote" — was long objected to but is now standard in most writing. In formal and academic prose, quotation remains the safer choice.
The core difference
A verb and its traditional noun, with the verb now doubling as a noun.
- quote (verb) — repeat someone's words: she quoted Orwell.
- quotation (noun) — the words repeated: a quotation from Orwell.
- quote (noun) — now standard informally: a great quote.
Where quote is unarguably a noun
In business, a quote is a price estimate — and there the noun has never been contested. That is a separate sense from the quotation one, and nobody says "please send a quotation" meaning a price unless they are being formal.
Practical advice
Use quotation in academic writing and where a citation is meant. Use quote freely elsewhere — the objection is now a minority position, and following it too strictly reads as stiff.
Frequently asked questions
Is "a quote" wrong as a noun?
It was long objected to but is now standard in most writing. Quotation remains preferable in academic prose.
Which do I use for a price estimate?
Quote. That noun sense has never been contested.
When should I definitely write quotation?
In formal or academic writing, and wherever you mean a cited passage rather than a casual reference.