Add refried beans and taco seasoning mix to a sauce pan. Cook over medium heat, stirring constantly until the taco seasoning mix is blended and the beans are heated through. Remove from heat, and let the beans cool.
Spread beans over the bottom of a large baking dish, using the back of a spoon or a spatula to smooth the beans. Next, layer guacamole and then sour cream over the beans. Pour salsa over the sour cream.
Sprinkle shredded cheese over the sour cream. Sprinkle sliced olives and diced green onions over cheese. Serve seven layer dip with tortilla chips or warm flour tortillas.