Preheat oven to 400 degrees. In a medium bowl, combine cheese, butter, flour and cayenne with a fork until a dough-like form forms. Scoop up a tablespoon of the dough and enclose one olive with dough. Roll into a ball and place on baking sheet. Repeat process using up remaining dough. Sprinkle with paprika. Bake for 15 minutes or until golden. Serve warm.