Heat oven to 350°F. Line cookie sheet with sides with foil. Place meatballs on cookie sheet.
Bake 20 to 25 minutes or until hot. Place 1 halved cheese ball, cut side down, on each meatball to look like white of eye; place olive slice in center to look like pupil of eye. Poke toothpick in center of each to hold in place.
Bake 1 to 2 minutes longer or until cheese is slightly softened. Serve with ketchup for dipping.