Point biserial correlation is used to to determine the discrimination index of items in a test. It  correlates the dichotomous response on a specific item with the total score in a test. According to the literature items with Point biserial correlation above 0.2 are accepted. According to Crocker (Introduction to classical and modern test theory, p.234) the threshold for point biserial correlation is 2 standard errors above 0.00 , and the standard error could be determined by (1/sqrt(N)) where N is the sample size. What is not clear to me is that in tests we need items that have high discrimination (Correlation) and if Point biserial correlation is a special case of pearson correlation that means that by accepting 0.2 as a threshold we are accepting the fact that the coefficient of determination is 0.04 and total score is only capturing 4% of item variance.  

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