Some of us have been at this for a long time, have accumulated a lot of tools and learned a lot, so we may be a bit jaded to the real newbie. So after thinking about my own building experiences, here is what I call the basics:
1) Some form of #11 hobby knife. Lots of these to choose from and several brands. Pick one you like or just get the least expensive. Commonly called "Exacto Knife" like all adjustable wrenches are called "Crescent Wrenches." Might want get a couple of them, they seem to get lost on the work bench! Get replacement blades by the box of 100. It may seem expensive, but you will learn that a nice sharp blade is worth it. Makes the job easier and safer also because you don't have to force a cut.
2) Pins. Dress maker pins or some sort ofo pins from the Hobby Shop. Dubro has a decent price of a couple of different sizes of T pins. I prefer T pins.
3) Glue. Glue is like any other tool, you have to learn how to use it. Instant glue, which is referred to as "CA" glue, lets you work fast, but doesn't sand well. You have to learn how much to use, and sometimes using too much cause problems. SIGment, regular Elmers white glue, any form of yellow carpenter's glue, Testors model cement, and even DUCO house hold cement can easily be found, all sand better that CA, and are reasonably priced. CA can be used for quick repairs while you learn how to use it, and I buy it in small bottles because it can go bad after a while, and I keep my CA glue in a empty peanut butter jar with some form of desiccant in it to help keep moister down while in storage once opened. CA can be stored in un-opened bottles in the fridge, but once you open them it is best to use them, and keeping them in the jar helps with shelf life. Moisture is one of the things that kicks off instant glue. Epoxies are used f or high stress joints. I advise getting slow cure to give you time to position and adjust parts. Use 15 or 30 minute epoxy, as I think 5 minute cure too fast for general building. Get it is small bottles also while learning.
3) Sanding stuff. Most hobby shops have a variety of sanding supplies. Sand paper, sanding sticks and such. I keep 120, 100, and 80 grit paper in my shop, and some finer paper, but the above will get you started. The sanding sticks that some shops sell are pretty handy. Anything that you can stick sandpaper to can become a sanding tool, any shape and size. Sanding tools made form T-bar aluminum stock that can be purchased at the hardware store , and cut in several different lengths is my favorite. Great Planes sells some contoured extrusion bars for such a tool. Attach the sand paper with sparingly applied spray contact cement or rubber cement allows you to reapply new paper later on. Paint stick, balsa blocks, 2 by 4 blocks, round dowls, anything you can glue paper to is a potential tool.
4) Building board. You need a large, flat surface to start with. A heavy table or desk is good. Check out Craig's List for good bargains on office desks. The surfaces are pretty flat and not prone to warping, and the drawers are handy for storage. I build on celotex drop ceiling tiles. They can by purchased easily and cheaply and replaced when needed. Pins push in easily and hold OK. Don't cut parts on them! Get a small pine board or some sort of scrap lumber or plywood to cut on. The self healing cutting mats are nice also. Cutting on wood can be tricky, as the knife blade sometimes wants to follow the grain in the board. A rubber cutting mat cures that
5) Straight Edges. Most office supply places sell those metal rulers with cork on the back. Get at one that is 12 inches long, and one that is 18 inches long, and if money allows, get one that is 48 inches long. These will come in very handy for make long cuts on sheet balsa, and for checking alignments. You will learn lots of uses for these. I also keep several of the metal 6" pocket scales on the bench also for short stuff. Harbor Freight Tools is another source for this kind of stuff.
6) Finishing supplies. There are LOTS of ways to finish off a model. Lots hear on Stunhanger and you can read up and decide which you want to try. For the 1/2A Skyray, I would just use clear dope for the finish. No need for fancy finish jobs on a model you will probably crash a dozen times. Later on, you can always build a "pretty" one!.
7} Wax Paper. You lay wax paper over plans to keep glue from sticking to the plan. I always make copies of plans so I can cut them up to make it easier to pin structures to the building board. For small structures, rubbing a bar of soap over the joints will work also.

Normal hand tools, such as pliers, small Vice Grips, small screw drivers, small hammer, files and such will become necessary as you progress. A good drill and/or a small drill press can be bought pretty cheaply these days. An extravagance for some, but they help you make accurate holes in fuselage sides for engine mounts. A cheap Harbor Freight battery drill could be used with care also. A simple drill index with a dozen drill bits to go with the drill. Again, Harbor Freight has good deals on stuff that will be good enough for what you need to do. With the Holidays coming up, what the Sears adds also. I will include a razor saw in this grouping also. A razor saw has specific uses and if purchased smartly, you can get by with one that has interchangeable blades for different pitches for cutting different materials.Thick spar stock, leading and trailing edge stock, and even brass, aluminum, and copper tubing can be cut with a fine tooth razor saw.
9) MonoKote Iron. I just add this because you have a SIG Akromaster, and it has a built up wing, and you may want to use iron on covering for this model. Hobby shops sell special irons for applying iron on films. You can cover the entire model with this stuff and not have to use dope. You just need to be careful and accurate with covering and allow good wood to wood contact when assembling the model structures.
This may all sound like a lot of stuff, but if you buy it as you go along, it eases the pain, and it will all be usable on the next models you build. You will acquire your own tastes for specific brands, types of tools, and methods of doing things, and that is part of the program and part of learning. If you get involved with a local club, you will be able to see how other guys do things and learn from them also. They have made all the mistakes that you are getting ready to make, so they can help flatten out the learning curve for you!
Hope this helps,
Dan McEntee