Preheat over to 350 degrees. Put foil or parchment paper into a 9-inch square baking pan and make sure to have handles over the side to be able to pick-up the mixture after it's baked. Spray the foil with PAM and set aside.
In a large bowl, cream the butter and sugar until they are combined. Add the egg yolk and mix. Add the flour and blend well, but keep the mixture a bit crumbly and not too dry.
Pat half the mixture, about 3 cups, into the prepared pan. Bake for 20 minutes. Remove from the oven and immediately spread the Raspberry Preserves on top, leaving about a 1/4-inch border along the sides.
Crumble the remaining dough evening over the jam, pressing down lightly. Bake for another 40 minutes; it should be golden on top. Once done, take out of the oven and put on a wire rack to cool for about 45 minutes.
Take a large biscuit cutter and spray the inside with PAM. Take the baked item out of the pan and put on a board. Peel off the foil or parchment paper. Using the biscuit butter, start punching out circles. It should yield 6 circles altogether.