Close now lets users with the Manage Customizations permission rename its Lead, Contact and Opportunity objects. Their statuses can be renamed too. For example, Leads can become Accounts, Contacts can become People and Opportunities can become Deals.
The change sits under Settings > Customizations > Objects. Only users with the Manage Customizations permission can make it. Teams whose sales terms differ from Close's default labels can match the CRM to how they already work.