a free kick awarded for an infraction committed by a defensive player in the penalty area and taken by the offensive player who has been fouled from a point 12 yards (11 meters) directly in front of the goal.
If penalty shot is scored on penalty kick the possession of the ball goes to the opposing team at the midfield line.
Fouls committed inside the penalty area by a defending team result in a penalty kick being awarded to the attacking team.
And then there's the matter of penalty kick shootouts.
British Dictionary definitions for penalty kick
(soccer) a free kick at the goal from a point (penalty spot) within the penalty area and 12 yards (about 11 m) from the goal, with only the goalkeeper allowed to defend it: awarded to the attacking team after a foul within the penalty area by a member of the defending team
(rugby Union) a kick awarded after a serious foul that can be aimed straight at the goal to score three points