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In the Quinella, you must pick the horses that finish first and second. Either one can be first and the other one second.
This bet functions exactly the same as the "Exacta Box". Although the Quinella has the same function as the "Exacta Box" the payoff can vary substantially.

You must remember that there is no such wager of an exacta box, it is really two separate bets on one ticket. The Quinella wagers are entered into their own pool separate from the exacta pool. Not all tracks offer the Quinella wager, but to the best of my knowledge all tracks accept the term exacta box where ever the exacta wager is offered.

If both the Quinella and Exacta wagers are offered it is wise to check the tote board before making a Quinella or Exact Box wager to see which one offers the greater payoff.