In onRecord > Settings > Conduct > Attendance Rules, the Conduct Manager can define how many attendance codes it will take a student to receive before he/she receives an infraction.

For example, if the rule is set up for one Unexcused Absence to trigger the rule, students will receive the infraction every time they receive that entry. If it is two Unexcused Absences that will trigger the rule, students will receive the infraction upon receiving a second Unexcused Absence.
NOTE: At this time there is no "level-based" infraction assignment for the "Consequences for absences" attendance rule like there is for Translating Tardies attendance rule. Adding more than one absence attendance rule will include each level that has been reached.

To illustrate:
Assume the Attendance rule for absences is set up to assign an infraction when 2 unexcused absences are recorded and another infraction when 4 unexcused absences are recorded. A student receiving their second unexcused absence will receive the infraction for the 2 unexcused absence rule, however, upon receiving a fourth unexcused absence, the student will receive not only the infraction for the 4 unexcused absence rule but will receive another infraction based on the 2 unexcused absence rule.
There is an entry in the Blackbaud Idea bank to implement a level-type functionality for the Consequences for absences feature.