PLACE cream cheese between two sheets of waxed paper. Roll out to 6x4-inch rectangle with rolling pin. Remove top sheet of waxed paper; coat top and sides of cream cheese with shredded cheese. Invert onto serving plate. Remove waxed paper.

ARRANGE three rows of olives in top left corner of cream cheese rectangle for the "stars" of the "flag." Make four 1/4-inch-deep rows, using rounded end of 1/4-tsp. measuring spoon for the "flag's stripes," leaving a 1/4-inch-wide space between the rows. Fill rows with salsa. Serve immediately or cover and refrigerate until ready to serve.

SERVE as a spread with crackers.