4 tbsp. butter
1/2 c. finely grated sharp Cheddar cheese
1/2 tsp. cayenne pepper
Dash of chili powder

Melt butter over low heat 2-3 minutes or until melted. Stir in cheese, stirring well and heating until melted. Add cayenne pepper and chili powder. Drizzle over popcorn. Add salt and pepper to taste.