Mix cream cheese and butter until smooth. Add flour slowly until well blended. Shape into a ball and chill overnight or for several hours.
Preheat oven to 350 degrees F (180 degrees C). Roll dough out 1/8 inch thick on a floured pastry board. Cut into 2 1/2 inch squares and place 1/2 tsp (approx) of jam or preserves. Overlap opposite corners and pinch together. Place on ungreased cookie sheets.
Bake for 10 to 12 minutes in the preheated oven. Cool. Sprinkle lightly with confectioner's sugar.