Types of order statuses: 

Draft - an order that has not been finalized
Active - an order that has been finalized
Submitted - an order that has been submitted
Partially Cancelled - an order that has not been fully cancelled
Cancelled - an order that has been fully cancelled
Shipped - an order that has been shipped to the customer
Partially Shipped (PO) - you can mark individual line items as shipped if the full order does not get shipped out all at once

Note: once you've switched an order status from one to another, you can always revert back.
​