A bug goes through the following phases in software development-
New : A bug or defect when detected is in New state.
Assigned : The newly detected bug when assigned to the corresponding developer is in the Assigned state.
Open : When the developer works on the bug, the bug lies in the Open state.
Rejected/Not a bug : A bug lies in rejected state in case the developer feels the bug is not genuine.
Deferred : A deferred bug is one, fix of which is deferred for some time(for the next releases) based on the urgency and criticality of the bug.
Fixed : When a bug is resolved by the developer it is marked as fixed.
Test : When fixed the bug is assigned to the tester and during this time the bug is marked as in Test.
Reopened : If the tester is not satisfied with the issue resolution the bug is moved to the Reopened state.
Verified : After the Test phase, if the tester feels the bug is resolved, it is marked as verified.
Closed : After the bug is verified, it is moved to Closed status.