1Heat oven to 425°. Stir together flour, baking powder and salt in large bowl. Cut in butter and cheese, using pastry blender or crisscrossing 2 knives, until mixture looks like coarse crumbs. Stir in olives and buttermilk just until moistened and soft dough forms.
2Place dough on lightly floured surface. Knead 5 or 6 times. Roll or pat dough to 1/2-inch thickness. Cut with 2 1/2-inch biscuit cutter. Place 1 inch apart on ungreased cookie sheet.
3Bake 13 to 15 minutes or until light golden brown. Serve warm.