I am new to Flash Build and I'm starting a new project that will go on mobile (iOS and Android). When I create a new ActionScript project:
It looks like you are using an older version of Flash Builder. The new version (4.7) allows you build a "ActionScript Mobile Air" project.
I'd recommend updating to get all the latest mobile upgrades.
FYI, I believe the answer to my question is select the 'New ActionScript Mobile Project,' instead of 'New ActionScript Project.'