Spread refried beans in the bottom of a (1-quart) shallow edged serving dish (you can use a transparent dish if you'd like). Sprinkle the seasoning packet over the beans. Layer the diced tomatoes over the beans, the sour cream over the tomatoes, and the guacamole over the sour cream. Sprinkle the entire layered dip with cheddar cheese, followed by green onion and finishing it off with a layer of black olives. Cover and refrigerate until ready to serve.