Can the Priority and Status picklists be customized?

Can the Priority and Status picklists be customized?

In Zoho Projects can I customize the Prioirty lists within a task. Right now it show Low, Medium and High. I would like to customize it into 5 levels. 1, 2, 3, 4, & 5.
 
I also want to customize the status to be. Not Approved, Approves, Not Started, Started, Completed, Tested, Closed.