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Yes, you can change the product name and amount on your PayPal forms. You can do that by clicking on the wand-shaped icon of the PayPal payment tool on your form, and clicking Next, Next until you've reached the product list:
When you reach the product list, simply click on a product, and change its Name and Price fields to what you want, and then Save Product.
You may want to see more about order / payment forms in our guide on Setting Up Your First Order Form.
I have also noticed that you are using a non-registered guest account, and guest accounts are limited to receiving only up to 20 regular submissions per month. We highly recommend that you sign up for a free JotForm account:
Let us know if you need further clarifications or assistance, and we will be happy to help.