Does your reputation get compromised when the flag is declined?
Do you get notified when your flag has been reviewed?
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Your reputation won't be affected by flags. And you can see what happened to your flags by visiting your flag summary page.
This page should be yours for SO I think. If not, it should be reachable by clicking on the "helpful flags" link in your profile, should you have had helpful flags.
A list of all your flags are at https://stackoverflow.com/users/flag-summary/2014415. As @Bart said, you can also reach it by going to your profile and clicking on the number next to 'Helpful flags', if you have had any.
You will not be penalized by reputation, but the more helpful flags you have, the higher priority your flags have. This used to be known as flag weight. The higher it is, the faster 10k users see it on their queue.
A declined flag means that a moderator reviewed your flag, but found no evidence to support it or because flagging should not be used to indicate wrong answers or because answers which add additional information not contained in the accepted/upvoted answer are OK in certain situations or because flags should only be used to inform moderators of content that requires their intervention.
An active flag is still in the review queue, being reviewed by people with sufficient reputation.
A disputed flag means that several moderators reviewed it, but could not agree on whether is should be helpful or declined.