v3.2 introduced a new "Word Replacement" tool whereby you define existing text found in the system and can replace it with your desired text. For example, if your professional/trade association does not typically refer to monetary transactions as "contributions," but prefers to use the term "payments," you can define a word replacement and have it automatically altered throughout your CiviCRM implementation.
Access the Word Replacement tool by going to Administer > Administration Console and selecting Word Replacements from the Option Lists block. Simply define the original text string in the left column and the replacement string in the right. Click the checkbox on the left to enable the replacement record. You can add additional rows using the button at the bottom, and Save or Cancel when you are finished entering replacements. Be sure to anticipate alternate forms of words, such as the plural form. For example, to replace "contributions" you would want to anticipate the presence of "contribute, contributes, contribution, contributions, contributing, etc.".
TODO: define impact of "Exact Match" column.