Can I change wording in the User Account creation screen

I’m trying to find out where I can change a number of places in the create account screen that is produced when clicking on the link in the activation email. Our product managers have expressed the need for changing some of the verbiage to be more user-friendly and I can’t find where this can be done. Is there a way to be able to change things like:

Choose a forgot password question


Choose a security question

Change all occurrences of SMS to text message.