Highest priority is bash alias, then special builtins (only in POSIX mode), then functions, then builtins, then a search in $PATH.
To execute a builtin, use builtin test.
To execute an external application, use an explicit path: /bin/test.
To ignore functions and aliases, use command test.
To bypass just alias, use \test or any other kind of expansion.
It's possible to disable/enable a builtin with enable test.
(Updated according to comments below)
(Fixed incorrect admin edit that bash has disable builtin - in fact, there is only enable)