JQuery :: Selectors And Chaining - Alter Text In DIV

I haven't used jquery for quite a while and I'm trying to simply alter out the text in a div with an ID of "test" but I'm running into trouble.
Code:
var mytest = $("#test");
alert(mytest);
I'm sure it's because I've selected the div as a whole, but I've tried selecting the first child with no success.

I suppose I should first chain in a "p" selector, then select the first item, but I'm not quite sure how to do it. What I think is my closest attempt is as follows:
Code:
var mytest = $("#test").("p")[0];
alert(mytest);