You can rename the behaviour phrases shown down the left hand side of a student profile > Conduct tab
Go to Admin > Config > Custom Relabelling. In here you can set up your own names, once changed in here this will reflect across the whole system, including reporting, etc.
Please be advised
You will need to record a singular and a plural version. E.g. you might want to change Merits to Credits, so you would change Merit to Credit and Merits to Credits.