Probably the most common index of the strength of the relationship between two variables in a contingency table is a measure known as the fourfold point correlation coefficient (as it is called when applied to the relationship between variables with two levels each)or Cramér's statistic (as it is called when one or both variables have more than two levels).

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The statement is true. The fourfold point correlation coefficient or Cramér's statistic is a commonly used index to measure the strength of the relationship between two variables in a contingency table. It is called the fourfold point correlation coefficient when both variables have two levels, and Cramér's statistic when one or both variables have more than two levels.

Probably the Most Common Index of the Strength of the Relationship