Here is an answer to question 1. Yes. Let $C_n/k,n=1,2,\ldots$ be a sequence of curves of increasing genus defined over a finite field $k$ with maps $C_{n+1} \to C_n$ for all $n$. Let $K = \bigcup k(C_n)$. Assume further that $Jac(C_{n+1})/Jac(C_n)$ is simple for all $n$, where $Jac$ is the Jacobian (this is will be the typical case in such a tower). Then $A(K)$ is finitely generated for any abelian variety $A$, as $A(K) = A(k(C_n))$ where $n$ is the largest integer for which $A$ occurs as a factor of $Jac(C_n)$.

Here is an answer for question 2. Let $K$ be an infinite subfield of the algebraic closure of a finite field. It follows easily from the Weil bound that $A(K)$ is an infinite torsion group so is not finitely generated.

Here is an [INCOMPLETE, POSSIBLY INCORRECT] answer to question 1. Yes. Let $C_n/k,n=1,2,\ldots$ be a sequence of curves of increasing genus defined over a finite field $k$ with maps $C_{n+1} \to C_n$ for all $n$. Let $K = \bigcup k(C_n)$. Assume further that $Jac(C_{n+1})/Jac(C_n)$ is simple for all $n$, where $Jac$ is the Jacobian (this is will be the typical case in such a tower). Then $A(K)$ is finitely generated for any abelian variety $A$, as $A(K) = A(k(C_n))$ where $n$ is the largest integer for which $A$ occurs as a factor of $Jac(C_n)$.

EDIT: As pointed out by Will in the comment below, this only works if $A$ is defined over $k$.

Here is an answer for question 2. Yes. Let $K$ be an infinite subfield of the algebraic closure of a finite field. It follows easily from the Weil bound that $A(K)$ is an infinite torsion group so is not finitely generated.