Administrators have the ability to change standard field labels in Salesforce.com. However, changing these labels is not the same as changing a custom field label, this functionality can be overlooked if you are unaware that it exists.

To change standard field labels and tab names you’ll need to navigate to: Customize | Tab Names and Labels | Rename Tabs and Labels
 

From here you can see all standard tabs

Once you select the standard object you want to edit, and navigate to step two you can find a full list of editable standard fields. Make your changes here and click Save.

 
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