Using a sharp knife or kitchen scissors, cut each olive into quarters and press to flatten. Cut out two small triangles for each cracker (16 total) and place (pointy ends together) at the top of the cheese wedge to make a bow tie.
Using a drinking straw or small metal piping tip, punch out a small round shape out of the black olives. You'll need 3 for each cheese wedge for the tuxedo buttons (24 total). Place the 3 buttons on the cheese, use a skewer or toothpick to pop out the buttons if you need help and to help position them on the cheese.