Place the refried beans in a medium saute pan or in a cast iron skillet over medium-low heat. Stir in the water, olive oil, chili powder, cumin and salt, stirring until combined. Once the beans are hot and bubbly, spread them over the bottom of a 9-inch pie plate (or other serving dish). Immediately sprinkle the cheese over the beans.
Layer on the jalapeño, avocado, tomato, sour cream and black olives.