Your work out sounds pretty good. The only thing I an suggest is to make sure you rotate your exercises rather then just doing push ups and sit ups. Make sure you work your biceps, triceps and some of the different secondary muscles such as deltoids, shoulders, lats or whatever. Secondary muscles are important and can really help your body take shape faster and look better (portortionally). Though, I think that the resting time of 5mins is a bit long... usually 45sec to a minute is okay- that way you keep your heatrate up.
Like others have said, depending on what you're trying to achieve will determine what exercises suite you better. Though being 16yrs, I think it should be okay to weight train if you wanted too. It didn't stunt my height or anything during that age.
Anyways for what I do:
What I usually do is a mix of both of cardio and strength training. That way I keep my heartrate up.
-First I either run for a bit or jump rope.
-stretch for about 5-7mins. Stretching is very important
- Hit the weights:
--Depending on the day I switch it up: Sometimes I do regular bench press, decline press, incline or basic push-ups ( 3 sets of 50 or so). THat'll way I can work out different parts of the chest.
--For Biceps: either reg. curls, or use this one machine that you lay on your stomach and pull the weight towards you; it work both biceps and back.
--Shoulders shurgs, lifts and/or rotations
--reverse situps to work the lower back
-- Lat pulls
--for abs it really depends: sometimes I used the rubber ball, the reverse(upside down) sit up holder or whatever it's called. And I also work out the obliques.
triceps: Dips
Legs: little of this, little of that... Squats, calf raises etc..
(depending on how I feel, I sometimes try different exercises instead or skip a few)
I usually goto the gym around 3 times a week and I do about 3-4sets of 10. Though at times I'll change up the reps and weight; like the upside down prymaid workouts. It's usually about an hour or so workout.
Good luck on your work outs man. I hope it goes well
Edit:
What are the differences in the strength and cardio workouts?
The difference between the two is that strenght workouts increase more of your overall strenght while cardo works on your heart-rate and endurance/repititions. It probably good if you do both. Like one day work on strenght exercises (higer weights less reps) and aside from running, cardio work is less weight more reps. It's always good to have a mix of the two. Cardio/repetition workouts tend to shape/tone your muscles more, while strenght exercises make the muscles more bulkier w/ less definition. That's why I alternate between the two.