Preheat oven to 350℉. Line an 9 inch round cake pan with parchment paper.
In a large bowl using an electric hand mixer, beat together the eggs and sugar until fluffy-about 1-2 minutes. Next, add in the ricotta cheese, vanilla and beat together until smooth. Add in the olive oil slowly and beat until incorporated. Sift in the flour, baking powder and salt and mix until ALMOST incorporated.
In a small bowl, toss to coat the chocolate chips in the 2 tsp flour. Transfer the chocolate chips only to the batter and fold in. Transfer mixture to the cake pan and spread out evenly. Bake for 35-40 minutes or until toothpick comes out clean. Let it set in the pan for 10 minutes and then transfer to the wire rack to cool completely. Sprinkle with powdered sugar and extra mini chocolate chips, if you like.
Store leftovers in an airtight container on your counter for up to 3-4 days.
You can use white chocolate chips, butterscotch or peanut butter chips instead of regular chocolate chips.
For draining your ricotta, I placed mine on a paper towel lined plate and let it sit for 15 minutes and then dabbed as much moisture as I could from the top.
If you want to make this gluten free, you can use gluten free all purpose flour.