Is there a way to change any of the wording on reports that are printed for company records?

Not really.  

If you want to be tedious, you could save it as a PDF, go online to PDF Escape.  White out the current label and then type in what you want.  And do this each time you pull the report!

But there isn't a way to permanently change it in the system.

Or better yet, a thesaurus!

I mean technically if your higher ups are that dead set on wanting specific wording on reports they could pay sitelink to create custom reports for them. There are a lot of companies that have specific reports for them specifically. Not sure what they paid or maybe it was due to the owners higher up friend at sitelink hooking him up but we had access to custom reports quite a few other companies had created for them that we would use for ourselves.