Heat oven to 375°F. Melt margarine in oven in 13x9-inch (3-quart) glass baking dish or non-aluminum baking pan. Tilt to evenly coat dish.
Separate dough into 13 biscuits; cut each biscuit into eighths. Place biscuit pieces in large bowl; toss with 1 3/4 cups salsa. Spoon evenly into margarine-coated dish. Sprinkle with cheese, bell pepper, onions and olives.
Bake at 375°F. for 35 to 45 minutes or until edges are deep golden brown and center is set. Let stand 15 minutes. Cut into squares; serve with additional 1 cup salsa.