Place 24 paper baking cups in muffin pans. Prepare Graduation Cake batter as directed, and spoon into baking cups, filling two-thirds full.
Bake at 350° for 18 to 22 minutes or until a wooden pick inserted in center of cupcake comes out clean. Cool in pans on a wire rack 10 minutes. Remove cupcakes from pans to wire rack, and cool 45 minutes or until completely cool.
Place all of Cream Cheese Frosting in a zip-top plastic freezer bag. Cut off 1 corner of bag to make a hole (about 1 inch in diameter). Squeeze a small amount of frosting on top of each cupcake. Sprinkle each frosted cupcake with red-, white-, and blue-colored sprinkles, or top each with 1 red, 1 white, and 1 blue jelly bean.
To make ahead, bake and cool cake layers or cupcakes as directed. Do not frost and decorate. Double wrap in plastic wrap and heavy-duty aluminum foil or place in airtight containers, and freeze up to 1 month.