Step 1: Concept Impact testing measures the energy absorbed by a material during fracture at high loading rates.
Step 2: Meaning The Charpy V-notch test is a standardized high strain-rate test which determines the amount of energy absorbed by a material during fracture.
Step 3: Analysis Standard Charpy specimens are machined to a specific dimension, typically 10 mm $\times$ 10 mm $\times$ 55 mm, with a V-shaped notch.
Step 4: Conclusion Based on these dimensions, the cross-section of a standard Charpy impact specimen is square.
Final Answer: (D)