Yes, click on the up and down arrows of the drop down box and click on “New/Edit”.

Find the value that you want to re-order and click on the icon with 3 rows that is to the left of the value. Drag the value to the new location in the dropdown and drop it in the new location. There are also two buttons in the top right hand corner of the dialog that will allow you to sort the Categories in Ascending or Descending order. Your changes will automatically be saved.