First, you have to understand that paths are completely arbitrary on a computer. They are a convenience, nothing more. An extended name that's easier for humans to remember. Basically, "there is no spoon".
We like to put things in "file cabinets" because that's how things exist in the "real" world. If you put something in the top drawer, it cannot be simultaneously located in the bottom drawer. So we tend to organize things around the concepts of "folders". Paths are an extension of this concept - folders within folders.

To the server, a path is nothing more than an array of bytes. Most servers use this path as an extended name which obeys the rules of the OS's file system, but it doesn't have to. Indeed, Microsoft's MVC platform doesn't use paths as references to files at all. Instead, paths are used to group commands, more like a menu system with menus and submenus.

//MyDomain.com/File/New
//MyDomain.com/File/Open
//MyDomain.com/File/Save
//MyDomain.com/File/SaveAs
//MyDomain.com/Edit/Copy
//MyDomain.com/Edit/Cut
//MyDomain.com/Edit/Paste
So when you ask "what does this URL point to?" the answer is completely dependent on the server and how the server chooses to interpret that URL (which, ultimately, was a decision made by the people who programmed the server). Some servers obey they file system to a certain degree, others use the URL as a way of organizing commands, while still others use a mix of the two. I'm sure there are other ways of using the URL, but I think you get the point.
Using server-side code, it is often possible to override the default behavior of the server. In ASP.NET, for example, it's possible to intercept requests and manually process them. So while the default behavior for ASP.NET is to go fetch a file within a particular folder, you could actually implement behavior similar to MVC. In MVC, it's possible to do the reverse - have the server serve up files based on a relative URL path. So knowing the default behavior of the server still won't fully answer the question since the website developer may have changed that behavior for one reason or another.
index.php
in the folderyoursite.com/example/url
. If such folder doesn't exist, you may have an.htaccess
rewriting the URL.