Heat oil in large skillet over medium-high heat until hot. Add onion and frozen vegetables; cook and stir 7 to 10 minutes or until vegetables are crisp-tender.
Add tomato sauce, chili powder, sugar, salt and ground red pepper. Bring to a boil. Reduce heat to low; simmer 5 minutes.
Add beans; simmer an additional 5 minutes or until thoroughly heated. Sprinkle with cheese.