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No, at least in the case that $k$ is infinite, and not $\mathbb{Q}$ prime - for an indeterminate $t$ take $S = {t, S$ generated by ${t, t/a, t/a^2, ...}$ with $0 \ne a \in k\backslash\mathbb{Q}$ k$ of infinite (multiplicative) order not in the prime field. Then $k[S] = k[t]$ but $S$ is not finitely generated.

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No, at least in the case that $k$ is infinite, and not $\mathbb{Q}$ - for an indeterminate $t$ take $S = {t, t/a, t/a^2, ...}$ with $0 \ne a \in k\backslash\mathbb{Q}$ of infinite (multiplicative) order. Then $k[S] = k[t]$ but $S$ is not finitely generated.