Spread refried beans in the bottom of a 1-quart shallow glass serving dish. Sprinkle taco seasoning over beans; top with a layer of diced tomatoes, a layer of sour cream, and a layer of guacamole. Sprinkle Cheddar cheese evenly over dip; top with green onions and black olives.
Cover and refrigerate for 2 hours or until ready to serve.
