jQuery - setting the selected value of a select control via its text description

Question

I have a select control, and in a javascript variable I have a text string.

Using jQuery I want to set the selected element of the select control to be the item with

Answer 1

 $('#theYear').on('change', function () {
 FY = $(this).find('option:selected').text();
 $('#theFolders').each(function () {
     $('option:not(:contains(' + FY + '))', this).hide();
 });
 $('#theFolders').val(0);
});

$('#theYear').on('mousedown', function () {
 $('#theFolders option').show().find('option:contains("Select")', this).attr('selected', 'selected');
});