findwill execute the passed selector for each item that exists in the called collection. So, looking at your code:
$('.test p:first')
Performed$('.test p:first'). This will return one item pthat will be the first in all items .test.
Unlike:
$('.test').find('p:first')
$('.test'). 3 .test ( html ). find . , .text p. - 3 .