It is possible to edit your Custom Fields to give them a different name or in the case of the 'Choice List' to change the available choices.
To get started, click on your portrait and then click 'Settings' (1). Click 'Fields' (2) on the left-hand side menu, and click on to the segment for which you wish to edit the Custom Field (3).
Edit Custom Field
Click on the circle to the left of the Custom Filed to enable the 'Edit' button and click on it.
You can give your Custom Field a different name. Once you are done click the 'Save' button.
You can also edit the existing choices of those custom fields with 'Choice List' type if you need to make changes. Select the Custom field and click the 'Edit' button.
Then select the 'Choice' and click the 'Edit' button.
Here you can change the 'Choice' name and once you are done, click Save.
Once you have all your Choices ready, click Save and your Custom field will be updated.
To learn how to create or manage Custom Fields please visit the following tutorials: