I have two questions regarding the correlation between two categorical variables.

1) If using Cramer's V, I know that you can interpret the strength and direction of the relationship. However, how do you interpret say a positive relationship between two categorical variables that are both yes/no or 1/0 variables?

2) I just want to confirm if the two categorical variables have two levels each (yes/no or 1/0), is Cramer's V appropriate or should I be using a different test?

Thank you!