That is incorrect. You must purchase every item in the diagnostic kit. A few days after orientation, there will be a mandatory check off where the professors physically look to see if you have all the items. Failure to have all the items will result in a loss of points toward your final grade. The diagnostic kit sold by Welch Alyn (spelling) ran around a thousand dollars.
Also, I'm not sure who thinks you only need a stethoscope but they will be in for a big surprise later on in EPC. There will be labs like Ears, Nose and Throat, where you learn on each other first (how to check the tympanic membrane, how to check the optic disk, etc) and then you will do the same things for your lab practicals - which is on standardized patients.