Those that do not sew have no idea about the cost and the time put in a quilt. If this is a good friend and you don't mind doing it for her then do a small lap quilt.
Take her to buy all the fabric, batting and thread and let her purchase it all - include sewing machine needles. Find a pattern in a book that you think will work with the panel so that she realizes that you are just following the requirements of the pattern when getting the supplies.
Let her choose what she likes - you can help guide her as to what will go together. Perhaps when she sees the cost she may change her mind or may have a greater appreciation for what goes into making a quilt.
If you don't mind accepting what she has offered and are willing to make it, I would keep a log of the amount of time that you spend making the quilt. When it is finished, pass it on to your friend so that she will learn more about the time involved.
Another alternative is to tell her that you will make it with her help and have her come and do pinning or small cutting so that she realizes what is involved. You will have the opportunity to introduce her to a wonderful craft and hobby!!