Status first. If the status being left doesn't require approval, no rules are checked.
Require beats skip. Match both and approval is required. The banner names the skip rule that was overridden.
Skip applies next. A matching skip rule clears the requirement and writes to the status log.
No match is not a fourth step: the status setting simply stands. There is no rule ordering, so the same work order always gets the same answer.
Also covered: rules run on exit from an approval status and re-run when cost, asset or team changes; a work order with no total never matches a cost rule; each approval gate in a multi-gate workflow is evaluated independently; and the FAQ, including what happens at exactly the threshold amount.