Yes. But you might it find it hard to find which fast food chains are those. According to anecdotal reports, there's a great number of fast food restaurants that have signs explicitly stating that a $20 bill is the largest they'll accept.
Lots of places will check large bills for signs of counterfeiting. For your convenience, break them down in to $20s with a reputable bank. It is a better idea to carry smaller bills or a credit or debit card with Visa or MC logo on it for shopping and dining purposes.
In relation to this issue, a consumer problem about asking how any business can simply refuse to accept a $50 or $100 bill was sent to ABC News Fixer. Here's what the experts say:
According to the U.S. Treasury Department website, under the Coinage Act of 1965, U.S. coins and currency are "legal tender for all debts, public charges, taxes and dues" – meaning U.S. money is valid and legal for paying debts you owe to a creditor.
However, there's no rule that any private business, person or organization must accept currency or coins for a purchase. They can specify whatever payment they want, unless there's a state law prohibiting it.
So, even though we may really want to use a C-Note at a hot dog stand, or get rid of 30,000 pennies to buy a new flat-screen TV, we're still at the mercy of the merchants involved.