How do search results if mutliple versions?

I am unclear on how search results work if there are multiple versions in a project. From an enterprise standpoint, you can search from any project and it searches across multiple projects, some with multiple public versions. If search term is found in more than one version of the same project, what are the expected results? For example, we have v1, v2, and v3. v2 is the main (default) version. How do Search results behave in the following scenarios?

Search term is found only in v1.
Search term found in v1, v2, and v3.