Active vs. Inactive
A promo code is considered active until it has been specifically disabled. Until an "Active" promo code is assigned to a show or shows, it is unavailable for use (Exception: the "Global" rule is enabled on an Active Promo Code).
Making a promo code "Inactive" is a way to identify the rule as retired, and remove it from your promo code management console. Once a promo code is inactive, it is completely unredeemable, and will not be usable until it has been returned to "Active" status.