What is the difference between the fields Application Status Category and Application Status?

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Application Status Category has system functionality where the Application Status is a description that can be used as a sub category at a school which uses the same Application Status Category. Example:  Accepted with Conditions and Accepted have different descriptions but share the same Application Status Category of Accepted, and so each have the same system functionality. This lets you create your own application statuses that are helpful to your school's workflows.