Cook Knorr Selects™ Burrito Bowl in medium saucepan in 2 cups water according to package directions.
Meanwhile, thaw peppers & onions in strainer under warm running water; drain well. Slice mushrooms and drain corn.
Heat oil in large nonstick skillet over medium-high heat. Add peppers & onions, mushrooms, corn, and chili powder, season with salt if desired. Cook, stirring frequently, until mushrooms are tender, about 5 minutes .
Stir in hot cooked Knorr Selects™ until well blended. Serve in bowls sprinkled with cheese and any additional favorite burrito bowl toppings, if desired.