Talk to your IB school supervisor, as it is his or her job to set internal school deadlines (i.e.
choosing a topic, formulating an outline, rough draft, final draft, etc).
The point matrix is outlined in the "Diploma Points Matrix for the Extended Essay and TOK" grid in the IBO form.
You can still get your diploma if you get a "Mediocre" on one and an "Elementary" on another.
They just want to see that you can work on and complete a big project.
You'll want to write about a topic or subject you're fairly familiar with.
Generally, university and academic websites are good sources to refer to.
News sources are generally reliable, but be sure to stay away from "gossip" media which often contorts the truth.
There's nothing more annoying than browsing through a 1200 page book looking for where that key quotation came from.
Cite your sources in a consistent manner (either in MLA or APA format, or some other recognized format).