If you're looking to test out your application security knowledge, you might want to give Timo's Web Application Security Quiz a try:

Web Application Security Quiz tests your knowledge on the common security principles and quirks related to web application development. There are 15 questions. A correct answer adds one point. An incorrect answer subtracts one point. If you don't know the right answer, you can skip the question (no points are added or subtracted).

It's a pretty good overview of some of the concepts you'd find in most application security policies and includes the answers if you're interested in some of the reasoning behind them.