Statuses are assignable markers to your candidates to help you filter and categorize them depending on where they are in their application. The "Like" and "Reject" options are for quick use but a more comprehensive Status list is available.
To assign a Status to a candidate, click the candidate from the list and it will bring you to the candidate view, which will show the "Like" and "Reject" buttons as well as a dropdown of other Status options.
Back in the job list view, the default Status columns will show which candidates you marked for that Status.
The Filter by Status dropdown will show the other options you may have selected.
Only you can see these Statuses; candidates won't know the status they're assigned to until you communicate it to them.