When you have your drop down list, you could convert the selected status to a Boolean value before saving it to your database.
eg:
if ddlStatus = ACTIVE then
blnStatus = true
else
blnStatus = false
end if
Another idea would be to have a StatusID column in your table that links back to your Status table (rather than true/false) - that was if you decide to add a new Status (say Pending, On Hold or whatever), you can simply add a new value to your Status table to display in your status dropdown list.