What is Web Application Penetration Testing?

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Microsoft Entity Framework

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To identify vulnerabilities and risks: active analysis of the application for any weaknesses, technical flaws, or vulnerabilities.
1) Known vulnerabilities in COTS applications
2) Technical vulnerabilities:
    URL manipulation,
    SQL injection,
    cross-site scripting,
    back-end authentication,
    password in memory,
    session hijacking,
    buffer overflow,
    web server configuration,
    credential management,
    Clickjacking, etc.,
3) Business logic errors:
    Day-to-Day threat analysis,
    unauthorized logins,
    personal information modification,
    pricelist modification,
    unauthorized funds transfer,
    breach of customer trust etc.