You will then have the same rights as before relating to work, studies, etc. while you are waiting for us to decide on your application. You will retain these rights until you have received an answer to your application, even if your residence permit expires in the meantime.
Even if you have applied in time, you may have trouble travelling in and out of Norway while waiting for your new permit. This is because you do not have a valid residence card. Without a valid residence card, you can be stopped in border control in other countries. You may also have trouble getting into Norway again when you return.